Selma Finance with AI-supported financial advice

How should I start investing? How can I optimize my assets? How much of my savings can I invest? Until now, questions like these could only be clarified in a personal exchange with investment advisors. From now on, Selma Finance customers can address their concerns directly to Selma AI - an artificial intelligence (AI) that analyzes the personal financial situation in real time and works out individual solutions for customers.

AI instead of human exchange?

"In Switzerland, personal financial advice has so far been very expensive or only accessible to people with large assets," says Patrik Schär, CEO of Selma Finance. The hourly rate of a financial advisor in Switzerland is between CHF 150 and CHF 250. With Selma's AI, users now receive detailed answers to their personal concerns and financial situation at a fraction of the usual cost.

Very complex questions that previously required detailed analysis of the individual situation can now be outsourced to AI: "We have always been told that you can't offer real financial advice without human interaction. With Selma AI, we have now made exactly that possible," says Patrik Schär.

"In recent years, there has been an increasing overlap between humans and machines in the financial sector," says Schär. Current developments show this: Digital solutions are on the rise, as they are not only efficient and cost-effective, but some already offer individualized investment strategies that were previously only possible through personal advice. "With the introduction of Selma AI, we are taking the next decisive step towards our vision of making personal financial advice accessible and affordable for everyone. This ranges from financial planning in professional life to detailed retirement planning, which can be offered entirely via AI advice," explains Patrik Schär.

Data protection first and foremost

The developers have programmed Selma AI in such a way that the artificial intelligence provides detailed insights into finances and uses precise analyses to identify problem areas. Selma AI's advice is always based on the anonymized financial data of the respective user. To do this, Selma uses a Large Language Model (LLM) from OpenAI, so that Selma AI comes very close to human interaction.

Selma places a particular focus on data protection. Artificial intelligence only uses as much data as is really necessary for comprehensive analysis and solution development. Data is passed on to OpenAI pseudonymously and in aggregated data sets so that OpenAI cannot draw any conclusions about the identity of the users. Patrik Schär also clarifies: "Selma strictly adheres to strict data protection regulations so that our users can use our app and our financial services securely at all times."

Source: www.selma.com