Today's Edition
Abu Dhabi (Aletihad)
TRENDS Research & Advisory released a new study, 'Smart Finance: How AI is Shaping the Future of Budgeting and Investing', which aims to explore AI's transformative impact on personal financial management.
The study, authored by researcher Noor Al Mazrouei, Head of the AI and Advanced Technology Program at TRENDS, highlights how AI technologies are revolutionising traditional budgeting and investment methods by offering personalised and dynamic solutions. AI’s ability to analyse vast amounts of data allows it to create tailored budgets, predict future expenses and income, and provide intelligent investment recommendations.
The study asserts that integrating AI into personal financial management constitutes a significant shift toward a more informed, efficient, and user-friendly approach to achieving economic well-being.
It also delves into personalised financial planning and how AI analyses spending and income patterns to create customised budgets and predict future expenses and income.
The study explains how machine learning models are used to forecast future costs and revenue, discussing applications such as Mint and YNAB and the features these apps offer, such as automatic categorisation and proactive budgeting, as well as intelligent investment recommendations.
The study shows how AI analyses financial data to identify investment opportunities, predict market fluctuations, and reduce risks, detailing the methods AI employs in this process and how investment strategies can be optimised through AI-driven recommendations.
The study concludes that adopting AI in personal financial management represents a significant shift toward more proactive and informed financial planning. As technology evolves, AI’s potential in enhancing budgeting and investment practices will expand, offering individuals and businesses more efficient and practical approaches to achieving their financial goals.
