Year: 2024
Type: article
Abstract: Artificial intelligence (AI) has bloomed in recent years and is gradually becoming an irreplaceable asset in finance,among other sectors. Personal finance is a subset of finance, which too is being revolutionized due to changing timesand technological advancements, much like AI. Security and proper financial guidance have never been moreimportant with such significant change. In this study, we use FinBERT, a modern large language model specializedin the financial domain, for our AI-powered personal finance coach. However, FinBERT, although a cut above therest, still has room for growth, so we aim to improve its flaws and enhance its efficiency. We established thatFinBERT succeeded in detecting sentiments in explicit sentiments, but was not usually successful in doing socorrectly for implicit sentiments. FinBERT, despite its limitations, has a high accuracy and is the best model to usein our study. This model can also be utilised to provide accurate results regarding the overall trend (positive ornegative) of the global stock market. Our results demonstrate that integrating AI in personal finances is feasible andcan successfully aid individuals in making decisions regarding their finances.
Institutions: Westford Academy, Stanford University, Syracuse University
Language: English
Subfield: Artificial Intelligence
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4404211896