OpenAI wants ChatGPT to read your bank statements — here's what it can actually see

At a glance:

• OpenAI introduces a new ChatGPT feature that can connect to bank accounts to view balances, transactions, investments, and liabilities.
• The feature, currently in preview, provides personalized financial advice based on real transaction data but cannot control accounts or see full account numbers.
• OpenAI cites 200 million monthly visitors to ChatGPT with money-related issues, aiming to offer tailored financial guidance.

What's new: ChatGPT gets financial access

OpenAI has announced a new personal finance experience for ChatGPT, allowing the AI assistant to connect directly to users' bank accounts. This feature is currently in preview and is designed to help users with saving, budgeting, and investment advice by providing real-time access to their financial data. According to the company, the idea stems from the observation that millions of people turn to ChatGPT for financial guidance each month, but without actual data, the advice remains generic.

The move represents a significant expansion of ChatGPT's capabilities beyond text-based interactions. By integrating with financial institutions, OpenAI aims to deliver more actionable and personalized insights. For instance, when a user asks for a savings plan, ChatGPT can now analyze their actual transactions and expenditures to offer tailored recommendations, rather than providing one-size-fits-all advice.

How it works: Connecting your accounts

To use this feature, users can link their bank accounts through a secure connection within ChatGPT. Once connected, the AI can access balances, transactions, investments, and liabilities to visualize financial health or answer specific questions. OpenAI emphasizes that the connection is designed with privacy in mind: the AI cannot view full account numbers or make any changes to accounts, such as initiating transfers or purchases.

The process is optional and requires explicit user consent. OpenAI states that users retain control over their information and can disconnect their accounts at any time. This approach is intended to reassure privacy-conscious users that their sensitive financial data is not being misused or exposed to unauthorized actions.

Why it matters: Personalized finance meets AI

OpenAI reports that 200 million people visit ChatGPT each month with money-related issues, seeking help with saving, earning more, or managing investments. This high demand underscores the need for more sophisticated financial tools that can go beyond general advice. By accessing real transaction data, ChatGPT can provide insights that are specific to an individual's spending habits, income patterns, and financial goals.

The feature also streamlines a process that many users already undertake manually. People often upload bank statements or financial records to AI services for analysis, but this new integration eliminates the need for manual uploads, making the experience more seamless and efficient. However, it also raises questions about the security and privacy of such sensitive data, which OpenAI addresses with its privacy controls.

Privacy and security: What OpenAI promises

Privacy advocates may be concerned about giving an AI access to bank accounts, but OpenAI has built in safeguards. The company explicitly states that ChatGPT cannot see full account numbers or control accounts. Additionally, users have the ability to manage their connections and revoke access at any time. These measures are designed to prevent unauthorized access and ensure that users remain in control of their financial information.

Despite these assurances, the feature highlights the growing trend of AI services handling sensitive personal data. Users must weigh the convenience of personalized advice against the risks of data exposure. OpenAI's approach of limiting the AI's capabilities and providing transparency about what data is accessed is a step toward building trust, but it remains to be seen how users will respond to such deep integration of AI into their financial lives.