OpenAI: ChatGPT Accesses Your Bank Accounts

OpenAI is set to take a new step in integrating artificial intelligence into our financial daily lives. The company has announced a groundbreaking feature that allows ChatGPT to directly access users' bank accounts. This initiative, which relies on a secure connection with Plaid, potentially involves 12,000 financial institutions, including giants like Schwab, Fidelity, Chase, and Capital One.

According to OpenAI, over 200 million people turn to ChatGPT each month for various financial inquiries, ranging from budget management to advice on reducing expenses. With this new feature, users will now be able to connect their financial accounts to Plaid to gain an overview of their financial situation, in relation to their personal goals and lifestyle, thanks to ChatGPT's advanced reasoning capabilities.

Once the accounts are connected, ChatGPT will provide a dashboard detailing spending history, including active subscriptions. Users will also be able to seek advice on major financial decisions, such as buying a home or applying for credit cards, and be alerted to changes in their spending habits.

This feature will initially be available to U.S. users subscribed to the Pro level of ChatGPT, at a cost of $200 per month. OpenAI plans to learn from this initial phase before expanding access to Plus subscribers, with the ultimate goal of making this option available to everyone.

This announcement closely follows the launch of ChatGPT Health in January, a service dedicated to health-related inquiries, highlighting the importance of trust in managing personal data. To reassure users, OpenAI promises complete control over their data, including the ability to disconnect their bank accounts at any time, although complete data deletion may take up to 30 days.

Users will also have the option to review and delete "financial memories" recorded by the chatbot. Additionally, they can choose whether their data is used to improve AI models by enabling the "Improve the model for everyone" option.

OpenAI clarifies that ChatGPT cannot modify bank accounts or access full account numbers. However, it can view balances, transactions, stock portfolios, and liabilities such as mortgages and credit card debts. Despite these assurances, OpenAI has not yet detailed how it will protect this sensitive financial data from potential hacks, nor how this information will be used beyond AI training.