The integration sees Douugh become the first micro-investment platform to utilise cutting-edge AI capabilities as part of its service offering and will allow customers to benefit from AI-powered assistance for searches, resource discovery, education and factual information about investments on the Douugh platform.

Andy Taylor, Founder & CEO of Douugh, says this is the first step in embedding AI-powered capabilities into the Douugh platform.

"We recognise the impact ChatGPT is having on people’s daily lives in terms of accelerating human knowledge and productivity. We’re proud to utilise its advanced data services to offer a solution that helps empower users to better understand impacts and risks associated with their decisions in a simple and useful way. Douugh has been at the forefront of fintech innovation for a number of years now. This is the latest example of our dedication to innovation, advanced data systems and providing the tools our customers need to meet their financial goals.”

“This sets the stage for an even more dynamic and interactive user experience. As the technology continues to evolve, we see the potential to roll out a number of AI-powered enhancements to our platform.”

The integration underscores Douugh's commitment to advanced data systems, led by the Douugh Autopilot offering.

Tom Culver, Douugh’s Head of Wealth and a seasoned financial services executive with over 20 years experience, is leading the ChatGPT integration under Douugh's Australian Financial Services (AFS) Licence and emphasises the primary goal of this integration is not to provide personal financial advice.

“ChatCPT can explain complex financial terms in plain language which opens the door to democratise investing for more Australians to make more informed decisions regarding their money. However as always, customers should remember Douugh does not provide personalised advice or recommendations. Before making any investment decision, customers should consider whether it is suitable for their situation and seek appropriate advice.”

“To ensure the AI maintains a tool for general intelligence and search, we've implemented strict guardrails to limit the 'randomness' of the responses generated by ChatGPT and focus on providing factual information,” Culver explains.

Backed by a process that can continuously update in real-time, Douugh’s ChatGPT integration works by leveraging the information available on Douugh’s platform to generate contextually appropriate responses.

Douugh users will benefit from AI-powered assistance for searches, resource discovery, education and factual information about investments on the Douugh platform.

The product has been beta tested and will be further beta tested to a small number of users before becoming available to all customers in Q4 2023.

The ChatGPT integration is the first step in a series of AI-powered enhancements to the Douugh platform, setting the stage for a more dynamic and interactive user experience in the future.