Is A.I. Coming to Quicken?

Jweller
Jweller Member
edited June 5 in The Water Cooler

I’m very excited about the CHATGPT AI tools to ask questions about your finances using natural language. Will Quicken start incorporating this AI feature? I very much hope so.

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭

    How much more would you be willing to pay for a Quicken subscription with AI? $100 more per year? 200? More?
    This stuff doesn't come easy and it doesn't come cheap …

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited May 4

    How do you think Quicken with AI would be better than today's Quicken?

    Would it give you financial advice? Would you trust its advice? Who would be responsible if you took its advice and something went wrong?

    Maybe it would be like having Suze Orman or Mr. Money Mustache looking over your shoulder and giving you personal finance tips: "Fred, you should be spending less on DoorDash and Starbucks and more on paying off those credit cards and student loans."

    Or maybe AI Quicken should say, "Mother's day is coming soon. Last year you bought flowers for Wilma. Would you like me to order them again this year?"

    QWin Premier subscription
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭

    I just went over to ChatGPT and asked

    Explain the pros and cons of the personal finance software Quicken

    Here's what it replied:

    Quicken is a personal finance software that has been around for over three decades. It's one of the most popular and widely used personal finance software applications, and it comes with a variety of features that can help users manage their money.

    Here are some pros and cons of using Quicken:

    Pros:

    1. Comprehensive Financial Management: Quicken offers users an all-in-one solution for managing their personal finances. It can track expenses, manage investments, and monitor account balances. Users can even create budgets and forecast their future finances.
    2. User-Friendly Interface: Quicken has a user-friendly interface that is easy to navigate. This makes it simple for users to access all of the features and functions that they need to manage their finances effectively.
    3. Customizable Reports: Quicken allows users to create customizable reports that can provide insights into their spending habits and help them make informed decisions about their finances.
    4. Mobile App: Quicken has a mobile app that allows users to manage their finances on-the-go. This can be convenient for users who need to stay up-to-date with their finances while they're out and about.

    Cons:

    1. Cost: Quicken is a paid software, and the cost can add up over time, especially if you need to upgrade to the latest version each year.
    2. Technical Issues: Some users have reported technical issues with Quicken, such as syncing errors, crashes, and slow performance.
    3. Steep Learning Curve: Quicken can be overwhelming for new users, and it may take some time to learn how to use all of its features effectively.
    4. Limited Customer Support: Quicken's customer support can be limited, which can be frustrating for users who encounter technical issues or have questions about the software.

    Overall, Quicken can be a useful tool for managing personal finances, but it may not be the best fit for everyone. Users should carefully consider the pros and cons before deciding whether to use Quicken or another personal finance software.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited May 4

    Wow that is pretty on target, @Rocket J Squirrel.

    I would have added to Con #4: " However Quicken has an excellent user community which provides prompt, accurate answers to customers' questions."

    QWin Premier subscription
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭

    And to answer this thread's question, I asked it

    Should AI be incorporated into Quicken?

    It replied

    Incorporating AI into Quicken, a personal finance management software, can offer several benefits. AI can help automate financial tasks, improve the accuracy of financial forecasts, and provide personalized financial recommendations. However, the decision to incorporate AI into Quicken should be made based on the specific needs and requirements of Quicken users.

    If the users of Quicken would benefit from automated financial management tasks, such as categorizing expenses or tracking financial goals, then incorporating AI could improve their experience. Additionally, if Quicken users have complex financial situations that require advanced financial forecasting or personalized financial recommendations, AI could provide valuable insights.

    However, it is important to consider the potential drawbacks of incorporating AI into Quicken, such as privacy concerns and the risk of relying too heavily on AI-generated recommendations without fully understanding the underlying data and algorithms.

    Ultimately, the decision to incorporate AI into Quicken should be made based on a careful evaluation of the benefits and drawbacks, as well as the needs and preferences of Quicken users.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.

  • smayer97
    smayer97 SuperUser, Mac Beta, Canada Beta ✭✭✭✭✭
    edited May 4

    Three key Pros not mentioned: centralized financial records of multiple institutions, stored locally for ready and user controllable access vs centralized online, where they are more vulnerable and not always accessible.

    To me that is what differentiates Quicken from other products.

    two cons not mentioned: not multi-user nor cross-platform.

    So to me, the A.I responses for this are lukewarm and rudimentary at best to be able to make a meaningful decision.

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    (Canadian
    user since '92, STILL using QM2007)
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