When you hear the term artificial intelligence, what comes to mind? If Skynet and the Terminator are the first things to pop in your head, we don’t blame you. While some people’s minds will inevitably race to superhuman robots taking over the world, let’s leave the doomsday myths to the movies and get down to the real benefits of modern technology.
In reality, the use of artificial intelligence or AI has already become second nature in our everyday lives. For example, Google Maps uses AI by analyzing data to determine optimal routes while alerting us to possible traffic congestion during our daily commutes. Every time you unlock your iPhone with face recognition, you are inherently reaping the benefits of AI or machine learning.
Understanding Artificial Intelligence
Simply-put, AI refers to using computers to effortlessly engage actions that traditionally require human effort to perform. Its ideal characteristic is that it can learn and take actions that have the best chance of achieving a specific goal, and therefore, enhancing the way we live.
AI systems use human-created algorithms that analyze massive amounts of data to identify patterns. It then derives possible outcomes on how to act most efficiently. Not only does it involve acting on the data but artificial intelligence works to learn from the new information and, hence, improve itself over time.
Digital assistants such as Apple’s Siri, Amazon Alexa, and Google Home all rely on artificial intelligence to help you complete conventional tasks. This includes suggesting a movie to watch, a song to play or even reminding you of an important task.
As AI becomes more ubiquitous throughout the tech industry, its presence will only increase in the world around us. There are now endless ways in which we are aware of how technology impacts our day to day, but there is still untapped potential in the way technology could be used to help us manage money.
Predictive Analysis to Help Enhance your 401k Plan
While the idea of a robot-apocalypse may be both scary and riveting to you, artificial intelligence can more realistically be used to optimize your 401k. This means managing risk and rebalancing investments based on market conditions.
Intelligent401k has capitalized on advancements in AI to enhance proprietary algorithms that seeks to improve the investment results of your 401k and other individual retirement accounts. Most people do not have the time or experience to research market trends and readjust their investments which causes them to miss out on potential opportunities.
The power of artificial intelligence allows our systems to create an advanced personalized portfolio that reallocates funds based on your individual risk tolerance, projected retirement age, and market conditions. Our systems also use data to determine the investments that will reduce fees rather than selecting high cost funds which can further improve upon your savings.
It’s estimated that over 70% of 401k holders don’t understand account fees and how those fees can reduce your retirement savings over time, so you’re not alone.
What artificial intelligence can teach us about 401k plans
In life, sometimes the most important ability is adaptability. Intelligent401k takes that mantra and relates it directly to retirement optimization and how to invest your 401k. Not only does Intelligent401k create an initial plan that seeks to optimize your savings but our algorithms work to keep up with current market trends. AI allows our systems to act in seamless and efficient ways which would take an average investor an immense amount of time to accomplish.
Artificial intelligence is the future and so is your 401k. AI has the potential to revolutionize not only our everyday lives but also our financial destiny. You rely on technology every day, why not use it to help improve your 401k’s performance? Get started and request access to Intelligent401k today!