It is not even May, and already 2023 is the year of AI and as Bill Gates recently proclaimed, the age of AI has begun. We recently discussed how ChatGPT could be a game-changer in personal finance. We also demonstrated Retirement Planning with AutoGPT and pointed out that the future of Investment advisory is informal.
Readers may also recall that we have developed AI-based chatbots trained on our articles.
Readers want full-fledged answers to specific investment questions (e.g. best stocks to invest in etc.), which has dampened our initial plans to deploy these bots immediately site-wide. We are currently working on developing these agents with small and specific training data.
That said, the width and depth of AI’s utility in financial services are limitless. It can compose text and create video and audio content based on that text (of course, it can also compose original audio and video from text prompts, but that is for another article!).
AI can quickly create a podcast based on existing text content. We used Wondercraft.ai to turn two of our articles into podcasts.
The first attempt was based on Why we must invest in relationships for successful retirement planning and using the app’s trial version.
The app rewrites the article with an introduction and a body. It is important to verify the accuracy of the draft before publishing. We did not do this with the first version; thankfully, there were no errors.
We sought feedback from social media, and many feel that the AI voice felt more human than ever, although not fully up to the mark. Many also wanted my voice instead of a Western accent.
So in our second attempt, we chose RIL Demerger: Curation risk in passive investing. The text only needed minor changes. This time I used my voice as an avatar. The app required sixty seconds of my speech to create this.
So I read from this article: Is it time for performance-linked fees in active mutual funds?
This was then fed to the app to create the podcast.
The output still does not feel desi but is probably better than the earlier attempt. We request readers to listen to these episodes and tweet/email their feedback to us. You can also consider following the channel to keep track of future episodes.
Imagine a journalist writing a story. Once it is ready, it can be sent to a podcast team and a YouTube team to immediately create audio and video content (more on this later!) for publication. The reach can be immense and immediate.
Many financial advisors are extremely erudite but media-shy. They can use these mean to create content and showcase their expertise to potential clients.
As Shankar Gurav pointed out in the Facebook group Asan Ideas for Wealth, we will soon begin to question whether the voice we hear in a podcast belongs to a human or an AI!
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Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
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