Douugh integrates ChatGPT into its finance platform

ASX-listed fintech Douugh is incorporating ChatGPT into its "micro-investing" platform to enable its users to educate themselves about finance. 

The Australian money management app officially launched in February this year and is designed to help customers control their personal finances.

The ChatGPT integration has already undergone internal beta testing.

It is now being rolled out to a handful of customers before becoming available to all Douugh customers by the fourth quarter of this year.

It represents the first in a series of AI-powered enhancements planned for the platform, according to the company.  

Douugh customers will be able to use ChatGPT to access "general intelligence" and for search, such as to look up potential investments, create comparisons, discover the differences between exchange traded funds (ETFs) and shares, and receive return histories across any time period for any asset.

Douugh CEO and founder Andy Taylor said Douugh recognises “the impact ChatGPT is having on people’s daily lives in terms of accelerating human knowledge and productivity”.

“We’re proud to utilise its advanced data services to offer a solution that helps empower users to better understand impacts and risks associated with their decisions in a simple and useful way," he said.

Douugh’s chief operations and compliance officer Tom Culver said ChatGPT's output should not be mistaken for financial advice.

“To ensure the AI maintains a tool for general intelligence and search, we've implemented strict guardrails to limit the 'randomness' of the responses generated by ChatGPT and focus on providing factual information,” Culver said. 

“ChatGPT can explain complex financial terms in plain language which opens the door to democratise investing for more Australians to make more informed decisions regarding their money.

“However, as it is unable to account for personal circumstances or provide personal advice, we recommend always doing your due diligence and seeking advice where appropriate.”