The news: OpenAI announced a new feature for US ChatGPT Pro users that allows them to connect bank and other financial accounts directly to ChatGPT. Through integrations with more than 12,000 financial institutions, users can give ChatGPT access to transaction history, balances, investments, liabilities, and spending patterns.

Zoom in: The feature, which is enabled by Plaid technology, is designed to turn ChatGPT into a personalized financial assistant. Users can ask financial questions such as what they can afford, how their habits have changed, how to avoid financial risks, and how they should prioritize their financial behaviors.

The system will access detailed financial data to provide personalized advice, but it won’t move money or see full account numbers. In addition, OpenAI has partnered with Intuit to enable users to connect with tax professionals through ChatGPT, per Gizmodo.

Why this matters: In the past, banks have been the primary source of financial guidance for customers. But now those conversations—using customer data—will increasingly happen outside of their systems. This means:

• Customers may increasingly interact with ChatGPT instead of bank apps for financial insights.
• AI platforms could become the trusted advisor layer.
• Banks risk becoming data providers rather than relationship owners.

This also raises concerns about which party owns the customer experience.

Implications for banks: Banks need to know that AI assistants are becoming a new entry point to financial services. In response, they should accelerate investments in AI-powered financial guidance, personalized digital experiences, and open banking capabilities that keep them embedded in customers’ decision-making journeys. Banks should also make their apps and services interoperable with AI assistants, allowing recommendations and insights to route users back to bank-owned experiences to take action.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.