Josh Daniell

But chat bots generally are trying to be more helpful than that.

They are trying to personalize their recommendations or their advice.

And so really it is a question of whether those product providers go in and localize these products for specific countries.

If they want to be careful about how they are providing these services to users in a particular country, that does require them to consider the regulation in that country.

and design with that in mind.

But it's all happening so fast that I don't think there's been a lot of pausing for consideration of that.

With that particular one, so Perplexity and Plaid, the answer is no, it's not available to New Zealanders because Plaid is providing connectivity with US and Canada accounts.

It would be possible for a New Zealander to download their statements and their insurance policies and other financial information and upload it to an AI chatbot like Perplexity and request that advice.

That's right.

The second one is that OpenAI, the provider of ChatGPT, has announced an acquisition of a product called Hero.

Hero is AI financial planning.

And so they haven't spoken publicly about what they intend to do through this acquisition.

But one could guess that it involves those capabilities, but embedded within OpenAI products like ChatGPT.

So everyone's waiting to see what happens there.

And then a third announcement recently is that Revolut is a global neobank with over 70 million customers around the world.

They have released what they call AIR, which is an AI service embedded within Revolut, available at the moment only in the UK.

And that is designed to provide both insights and actions.

So they have started to provide these AI services to Revolut customers in the UK where you can talk to your money and ask it to take actions on your behalf.

I think like any technology change, AI will reshape the landscape.

So if we talk about a particular part of financial advice, home loan advice, typically we find that clients will go to an advisor for three main reasons.