About the Monarch AI Assistant

What is the Monarch AI Assistant?

The Monarch AI Assistant is the first AI-powered personal finance assistant that makes managing your money as easy as having a conversation.

You can now “chat with your money”, getting personalized advice on financial topics including ways to save money, stay on top of your budget, and accelerate your financial goals.

How can the AI Assistant help me, and when should I use the AI Assistant?

You can use the AI Assistant as much as you'd like! It can help you with questions like how to manage cash flow, understand your net worth, track investments, offer advice, and set goals. The more you use the Assistant, the smarter it will become.

How does the AI powering the AI Assistant work?

The Assistant uses a type of artificial intelligence (AI) called Large Language Models (LLMs) that are trained on large amounts of data to understand patterns and structures of language. Over time, with more data and inputs, LLMs learn and iterate on the model to improve their accuracy. LLMs can help explain, define, and summarize to help you understand concepts better.

We use GPT-4 by OpenAI to generate responses by sending the relevant financial data to OpenAI when you ask questions. Your data is never used by OpenAI to train OpenAI’s language model.

AI and machine learning are rapidly evolving fields of study. Given the probabilistic nature of machine learning, AI and the AI Assistant may result in incorrect or inaccurate information. As with other AI and machine learning models, Monarch AI can get better over time. You can always use the 👍 👎 buttons to flag any incorrect or inappropriate responses and we will use that anonymized feedback to improve.

While we aim to give you context behind Monarch’s new AI features, this page is not a comprehensive resource to learn about artificial intelligence.

Why integrate AI into Monarch?

We want everyone to have access to great financial tools and advice. Monarch brings all of your financial accounts into one place and uses the latest in AI technology to help you achieve better financial outcomes by answering specific questions you have and synthesizing insights about your financial picture quickly and easily.

How is using Monarch’s AI Assistant different from using ChatGPT itself?

To use Monarch's AI Assistant, you must have a Monarch account. The Assistant uses your financial information and other financial information to give you personalized financial answers and insights.

How is my data protected?

We take user privacy very seriously. The AI Assistant respects your privacy and only accesses your financial data when you ask it questions. We use GPT-4 by OpenAI to generate responses by sending the relevant financial data to OpenAI when you ask questions. Your data is never used by OpenAI to train OpenAI’s language model. To learn more about our privacy policy, click here.

Does Monarch AI Assistant have access to all of my data in Monarch?

Monarch AI Assistant accesses only relevant data when you ask it a specific question about your financial data.

What if I get an incorrect response?

We're actively making improvements and collecting feedback during the private beta. Please rate responses using the 👍 👎 buttons and flag anything that is incorrect or inaccurate. We’ll use this anonymized feedback to improve.

Answers provided by the Assistant are not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

How do you compare my spending to others?

We use data provided by the U.S. Bureau of Labor Statistics (BLS) to provide comparisons to households like yours. We do not use your financial data to provide comparisons for others.

How are you prioritizing this vs. other features?

The Monarch AI Assistant is currently an experiment, we'll only continue to pursue it if it provides value to our subscribers, and this is just one of many features we are working on.

How can I get access to the Monarch AI Assistant?

Learn more here: How can I access the AI Assistant?

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