Summary
- ChatGPT Pro subscribers can now link to their bank via Plaid to view balances, transactions, and more in chat.
- Granting ChatGPT access risks exposing detailed finances; anyone with chat access could see sensitive data.
- OpenAI offers controls and deletions but retains data for up to 30 days.
It was only a matter of time, but now OpenAI is asking you to trust ChatGPT with access to your financial records. While the newly revealed feature utilizes a secure platform called Plaid to make the handshake between your bank and the AI, there are a lot of privacy concerns lying in wait beneath the surface.
Related
This ChatGPT trick feels too good to be hidden
Did you know ChatGPT can do this?
All your finances directly in your chats
It’s really convenient
Credit: OpenAI
OpenAI has revealed a new feature coming to ChatGPT, and subscribers to the Pro tier of the AI chatbot can try it out right now, according to a blog post from the company. The feature allows you to connect your financial institutes directly to OpenAI’s chatbot, so that you can pull information about your finances directly in your chats. So, if you’ve been using ChatGPT to help you create a budget, then this tool might be really useful.
However, there are some very valid concerns around it. While it uses Plaid, the same system utilized by many other companies, it also means anyone with access to your ChatGPT could potentially learn more about your financial information. Of course, the concern doesn’t end there.
A good idea on paper
A privacy nightmare in reality
Gavin Phillips / MakeUseOfCredit: Gavin Phillips / MakeUseOf
On paper, this idea sounds pretty good, to be honest. Being able to ask ChatGPT how you’re spending your money each month could help with figuring out problems in your monthly budget. However, there is a laundry list of privacy concerns you should be taking into account here. We have talked extensively about the importance of online security and practices you should follow to protect your privacy online, like taking time to learn how to delete your online data. And giving AI almost unfettered access to your financial information is certainly high on the list of things you probably shouldn’t do.
First, there’s the whole factor of giving an AI chatbot unbridled access to your financials. Anything fed to ChatGPT is used to feed and train the model’s unending appetite for new information. And while OpenAI says that the AI can’t see your full account number, or make any changes to your bank accounts, it will still have full access to your balances, transactions, stock portfolio if you have it in the same bank, and any other liabilities you might have such as credit card debt, your mortgage, etc.
OpenAI promises that your data is secure, and that you have full control over it and can disconnect your accounts at any point, as well as delete any chats where you interact with the AI in regard to finances. However, the company can still keep that data for up to 30 days, and once it is used to train the model in anyway, there’s no real way to get it back.
OS
Android, iOS, Web
Developer
OpenAI
Price model
Free with optional subscription
ChatGPT is the flagship AI chatbot from OpenAI, and it’s loaded with features.
Without any solid breakdown of what OpenAI intends to do with this information — other than train its models — determining whether you trust the company enough to keep that data secure is something you’ll have to decide for yourself.
