Conversational AI, or Artificial Intelligence, is in everyone's phones, tablets, home automation systems, etc. There is already so much you can do with AI, it is not surprising that this bit of technology is now extending itself into the arena of finances. Here are three things you can do and will be able to do with conversational AI for finance when these new programs launch:

Ask for Account Information

There are certain pieces of information that these virtual financial assistants will not reveal, like your account number and/or social security number. However, barring the really personal stuff, you will be able to use voice-activated response systems to ask for your account balance, the last five or ten transactions, and any pending deposits. The response time is always faster than if you logged into your banking app to get the information yourself.

Make Same-Hour Money Transfers

Just a year or two ago, you could transfer money through your bank's app. The problem was that the transfer from one account to the next required at least one business day to verify, even if you transferred from your savings to checking and there was clearly adequate money in both accounts. The new AI for finance programs will allow you to make same-hour transfers that are verified by the AI's security algorithms. That means you can transfer money between two accounts, and have access to it on the same day, usually within an hour.

Ask the AI "Bot" for Investment Advice

Stockbrokers and investment bankers may be out of a job soon. That is because the AI "bots" for finance will be able to advise you on how you should best invest your money. The advice is based on the best current rates for stocks, bonds, annuities, mutual finds, CDs, and the like. If the finance "bot" recommends something you like based on numbers that sound very promising, you can request that the "bot" make that investment for you. To protect your finances, this conversational AI "bot" will require passwords and/or passcodes prior to making the investment for you.

After a successful purchase of the suggested investment product, you can check on its progress as often as you want. The "bot" will alert you to problems with the investment, but usually and only on command. The idea behind this technology is that it will eventually alert you, unbidden and unasked, about the current changes in your investment so that you know when to dump it or when to buy more because the value is rising.