Generative AI in Financial Planning for Retail Consumers
DOI:
https://doi.org/10.63282/3050-922X.IJERET-V7I1P142Keywords:
Finance, Generative AI, Retail, NLP, ConsumerAbstract
Generative Artificial Intelligence (GenAI) is rapidly reshaping the financial services industry. In recent years, large language models, generative predictive systems, and conversational AI platforms have enabled financial institutions to provide scalable and personalized services to retail consumers. Traditional financial planning often relied on human advisors, static financial calculators, or rule‑based advisors. These approaches improved access to financial guidance but lacked contextual understanding and dynamic personalization. GenAI introduces a new paradigm where intelligent systems can analyze structured financial data, interpret natural language queries, and generate personalized financial insights in real time.This research paper explores the role of Generative AI in financial planning for retail consumers. The study analyzes the technological architecture behind GenAI financial advisory systems, evaluates real-world use cases across fintech platforms, and reviews supporting academic and industry sources. Additionally, the paper presents example datasets and analytical logic used by AI systems to produce personalized financial recommendations. Case studies demonstrate how GenAI supports budgeting assistance, investment guidance, and retirement planning. The findings indicate that GenAI can significantly enhance financial accessibility, improve decision‑making, and reduce the cost of financial advisory services. However, challenges remain regarding regulatory compliance, model transparency, and financial data privacy. Addressing these challenges will be essential for ensuring responsible deployment of GenAI-driven financial planning platforms.
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