AI Enters Bank Accounts: How It Works

Digital bank One Zero has connected its financial AI agent 'Ella' to OpenAI models, allowing customers to consult ChatGPT about their account data. IBI and Fair have also integrated similar tools for investment portfolios. The article examines the benefits, risks, and future of AI in finance, including privacy and security issues.

Last week, digital bank One Zero announced the integration of its financial AI agent 'Ella' with OpenAI models, enabling customers to consult ChatGPT about their current account data without manual input. Investment house IBI and fund company Fair have also launched similar integrations for investment portfolios. These moves mark a broader trend in the global financial industry, including American Robinhood. Financial institutions have realized that customers are already consulting AI about their money, so they offer a controlled and secure channel. The technology is based on the MCP protocol developed by Anthropic, or on dedicated applications in the ChatGPT store. The systems operate in read-only mode, with anonymization of personal data. However, cybersecurity experts like Moshe Karko from NTT Israel warn about data leakage and shifting responsibility to the user. In the future, expansion to additional platforms is expected, and the possibility of executing transactions with regulatory approval. Executives emphasize that the AI is not an investment advisor but a tool for making information accessible.