OpenAI partners with Plaid to offer personalized financial advice to the public.

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OpenAI has formed a partnership with the financial data platform Plaid, planning to leverage Plaid’s data network, which covers most consumer bank accounts in the U.S., to allow ChatGPT to provide personalized financial advice based on real financial circumstances. This move marks a new phase of AI platforms penetrating the field of personal financial services.

OpenAI stated in a declaration on Friday that more than 200 million users have already sought budgeting, investment advice, and other financial help via ChatGPT.

Previously, ChatGPT could only offer generic suggestions like “automated savings” or “reducing takeout expenses,” lacking insight into users’ actual financial conditions. With the integration of Plaid’s data interface, the platform will now be able to provide more targeted operational advice, such as which credit card to prioritize for repayment and the specific amount to pay.

Plaid CEO Zach Perret said the goal of this partnership is “to give people greater financial freedom,” adding that it means “better understanding of financial products in the market and stronger trust in the entire financial system.” He also hinted that the ultimate form of cooperation will go far beyond the initial version released this time.

Data Integration Broadens Advice Boundaries

As an infrastructure provider connecting consumer bank accounts and fintech apps, Plaid’s data network already covers the vast majority of U.S. consumers.

This partnership enables ChatGPT to access real account information authorized by users, so it can provide customized advice for specific financial scenarios, rather than remaining at generalized guidance.

OpenAI product lead Ty Geri said in an interview that ChatGPT’s access to financial accounts is currently limited to “read-only.” Any fund transfers or other operational instructions still need to be carried out by the user themselves.

Data Coverage Gaps Remain

Though the partnership broadens ChatGPT’s data perspective, there are still clear limitations at this stage.

Ty Geri pointed out that some asset information cannot be obtained through linked accounts, with home equity being a typical example, meaning the platform is not yet able to fully present the user’s complete financial situation.

Zach Perret stated that in the future, they will work with OpenAI and other industry players to gradually improve the quality and scope of financial services, predicting that “in one or two years, or even three years, what we can provide will be vastly different from today’s starting point.”

AI Competes in Personal Financial Advisory Market

The trend of AI platforms entering the realm of financial advice is increasingly clear.

Services like budgeting and investment advice, traditionally handled by human advisors, are rapidly migrating to AI. Institutions known for advisory services, like Charles Schwab, have also begun introducing AI technology to expand their capabilities.

Earlier this month, the developers of Claude under Anthropic released an agent product specifically designed for financial service tasks, targeting leading Wall Street institutions and creating differentiated competition with OpenAI’s focus on the mass consumer market.

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