The company said it will make the new assistant available for financial institutions in the US available for pilot in August, and will follow up with a global rollout afterwards.
“Consumers are already turning to AI for financial advice – but banks have the full financial picture, can act on it, and are among the most trusted institutions consumers rely on,” said Michele Herron, senior vice president and head of North America value-added services at Visa.
“AI Financial Assistant brings those strengths together, combining personalised insights based on a consumer’s own data and pairing it with the ability to act, all right within their bank’s app. By simply turning on this service, banks can strengthen relationships with their customers and transform from a passive ledger to a generative AI-enabled financial hub.”
The move follows already established trends as an increasing number of people turn to AI for financial advice. According to Visa, 66 per cent of surveyed people in the US said they used generative AI for financial advice.
Visa beaten to the punch by AI giants
However, banks remain the most trusted institutions when it comes to personal data safety. Despite concerns about data safety, 85 per cent said they would share even more data with their bank if there was a distinct AI value proposition.
Visa is not the first to launch an AI financial assistant. OpenAI announced in May that it would launch a new “personal finance experience” that will allow users to monitor spending and get suggestions on how to save.
“Now you can securely connect your financial accounts, see a dashboard of where your money is going, and ask ChatGPT questions grounded in your financial context – all while staying in control of your data. We’re starting with a preview to a smaller group so we can learn from real-world use, improve the experience, and expand thoughtfully,” OpenAI said.
OpenAI said that 200 million people already use ChatGPT for financial advice, budgeting and more, and that ChatGPT 5.5’s capabilities, combined with bank account connection, mean that ChatGPT can now provide real personal financial assistance.
“With your financial accounts connected, ChatGPT can combine that reasoning with your real financial context and what you’ve shared about your goals, lifestyle, and priorities, helping you spot patterns, understand tradeoffs, and plan for big decisions in a way that feels more personal and complete,” it said.
The service works by linking bank accounts using Plaid. The new service will then present a dashboard that shows spending, portfolio performance, subscriptions, upcoming bills and payments and more. However, Cyber Daily discovered that Plaid disclosed a years-long cyber incident impacting user details just as the partnership was launched.
Aussie banks using AI for customer financial advice
Australia’s national bank, the Commonwealth Bank of Australia (CBA), also began testing an AI financial advice companion in May.
According to CBA, the AI uses live data relevant to the customer, such as spending, business expenses, and home buying. Customers using the AI can ask the companion questions based on their data.
“Australians are telling us they want more control, clarity and confidence in managing their money. With over 9 million customers using the CommBank app every day, we are continuing to innovate and improve their experience,” said Angus Sullivan, CBA group executive of retail banking services.
“CommBank Companion is our response – bringing together live spending and saving data into a single experience, so customers can be better informed and manage their money, and act with confidence.”
Currently, the technology is being tested with a select group of business banking customers, as well as employees. Before the AI is rolled out to customers more broadly, the AI will be tested on a range of criteria.
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