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AI is Now Your Financial Guru
- Traditional investment options like fixed deposits and gold no longer meet the financial needs of the current generation.
- Data from RBI shows a lack of awareness about investment opportunities, leading to a gap in diversification.
- AI-driven solutions like MyFi are filling the gap in financial advisory services by offering personalised investment recommendations.
- MyFi empowers users through its AI-powered personal finance assistant that integrates with the RBI-approved account aggregator framework.
- AI is revolutionizing trading with companies like uTrade Solutions offering algorithmic trading platforms simplifying trading strategies.
- uTrade's platform provides pre-made strategy templates and a marketplace for AI-driven trading algorithms for traders of all levels.
- In tax and accounting, firms like EY, KPMG, and Deloitte are embracing AI automation to streamline processes and enhance insights.
- Indian startup Fhero Accounting Solutions integrates AI into tax and accounting workflows for automation and improved accuracy.
- AI is expected to enable proactive financial advice delivery based on individual circumstances and enhance personalized experiences for all.
- The financial industry's progress in utilizing AI depends on innovative design thinking and development efforts to make advanced services widely accessible.
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