OpenAI has announced a new feature in preview that allows users to access their bank accounts directly via ChatGPT. This new system works integrated with the Plaid platform for users to securely connect their financial data.

Plaid infrastructure is supported by 12 thousand financial institutions worldwide, such as Schwab, Fidelity, Chase and Capital One. OpenAI states that more than 200 million people visit ChatGPT every month with financial questions such as budget planning and expense management.

How will financial data be managed with ChatGPT?

When users connect their bank account to ChatGPT, they gain access to a special dashboard that shows their spending history and active subscriptions. This system allows users to benefit from ChatGPT’s advanced analysis capabilities in their financial decisions such as buying a home or applying for a credit card.

OpenAI specifically emphasizes that ChatGPT does not have the authority to make any changes to bank accounts and cannot see full account numbers. However, the system can view financial data such as balances, transaction histories, stock portfolios and credit card debts.

This feature is currently only available to users in the United States with a $200 per month Pro subscription. The company aims to improve the system with the feedback obtained from early usage data and expand it to Plus subscribers and all users over time.

Data security and user control

OpenAI states that users will have full control over their data and can disconnect their bank accounts from the system whenever they want. After the connection is interrupted, it can take up to 30 days for the data to be completely deleted from the system.

Users can view and clear their financial memories, which allows ChatGPT to remember their financial goals or debts. Additionally, whether financial data will be used for model training is left to user preference.

Users can allow their financial data to be included in the training process by activating the “Develop model for everyone” option. However, no clear details are shared about how OpenAI will use this financial data outside of education or whether it takes additional protection measures against possible cyber attacks.

Similar to the ChatGPT Health service launched in January, sharing financial data is based on users’ trust in OpenAI. Although the company states that it is committed to protecting the privacy of financial data, the connection of such sensitive data to a chat bot is carefully monitored in the technology world.

Do you think it is safe to connect your personal financial data to an artificial intelligence model, or does it pose great risks?