Enhancing Personalized Financial Advisory Application with Generative AI and Chatbot: A Usability Study

The dynamic nature of investment markets over recent decades, especially a decline in saving interest rates has led to notable shifts in traditional saving methods. As a response to these transformations, there is a growing need for personalized investment products tailored to individual preferences such as pension funds, insurance, and mutual funds. With these circumstances, the financial advisory industry has emerged to assist individuals in making informed investment decisions, utilizing demographic variables and other characteristics to tailor recommendations. Recent trends also highlight a shift towards technology-driven advisory, leveraging FinTech tools such as machine learning and artificial intelligence for personalized solutions. Despite opportunities presented by these advancements, drawbacks persist in currently available systems. This paper explores the roles and limitations of emerging technologies in the field and tries to address the drawbacks by incorporating the conceptual design of financial advisory systems, conducting usability testing, and analyzing statistical results to enhance user experience.