OpenAI Brings Banking Integration to ChatGPT

OpenAI (the parent company of ChatGPT) has announced that they are giving the ever-popular AI "banking integration." With this addition, ChatGPT now has the ability to help manage users' finances by allowing them to connect their bank accounts using Plaid's tech. According to OpenAI, 12,000 financial institutions--such as Chase, Capital One, and Bank of America--are able to connect to the chatbot.

One reason why OpenAI decided to bring this feature to ChatGPT was the fact that 200 million people a month already use ChatGPT for questions related to finance and spending. What's more, the new addition to the AI service occurred after OpenAI supposedly purchased the company Hiro Finance last month (April). Hiro Finance is a relatively new and small company that bills itself as an "AI personal CFO [Chief Financial Officer]." ChatGPT can help customers with understanding their spending related to areas such as food, travel, or entertainment. Additionally, the new feature can help uncover subscriptions, or any other services that involve ongoing payments.

Compared to previous versions, the latest iteration of the AI model, GPT-5.5, can now answer questions more inline with something a financial advisor might help with, such as asking how someone can save up to afford a certain house in the future. OpenAI says that ChatGPT's banking integration is also secure and allows the user to disconnect their account and delete stored data whenever they want.

However, currently only Pro members, who pay $100 a month, can access this feature through the web and on Apple's devices that operate through iOS. OpenAI does say that they are expecting to bring this technology to users with a Plus account sometime in the future after they have time to tweak the tool.

Through its use of Financial Memories, ChatGPT can store information that the user gives it regarding long-term goals, like the previously mentioned example of buying a house. Additionally, the AI model can look across multiple linked accounts to answer questions instead of treating each one on its own without context. This can give the user more educated insight into their entire financial life, if they choose to share this information with the chatbot.

Giving AI the power to advise about recommendations and decisions is the next major step of AI being incorporated into our daily lives. It is also interesting to consider that AI's gaining further knowledge into financial advice could start to impact the jobs that real people make their careers out of. There are definitely areas where ChatGPT can make mistakes or not be clear in its intentions, however. For this reason, an OpenAI spokesperson recently said that banking integration in ChatGPT can assist customers to better understand and manage their money habits, but the service is not intended to take the place of financial advice from actual specialists.