AI and the Financial World: How it May Affect Us
How AI Might Change Financial Advising
The financial world is expanding and starting to touch our everyday lives. In this episode, we talk about the impact of AI on the financial industry and how it will change how we operate.
Will AI allow us to invest automatically? Will it create more financial products or eliminate the need for financial advisors? Michelle and Andy Woodward talk about advancements in technology and how AI is shaping the way we trade, manage finances, and even manage the real estate market.
Key Takeaways:
AI and changing how we make investment decisions - It can help identify trends in the real estate market, provide mortgage officers with easier access to information, and even aid businesses in managing their time more effectively on social media.
The Positive and Negative Possibilities of Adoption.
Ways AI will help us digest lengthy financial information.
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Michelle Moses: [00:00:00] and welcome to the me financial podcast. I am Michelle Moses, CFP and realtor, your host. And I am here with Andy Woodward again. Thank you for being on the show. Andy,
Andy Woodward: you're welcome, Michelle. Nice to see you.
Michelle Moses: We are going to be talking about AI and how it's going to change the financial world. And I'm very excited about this topic.
Uh, I'm just so excited. Let's go in so many different ways. Andy, uh, Andy is a software developer and author. architect working in financial technology, including banking and payment processing for more than 30 years. And I know I've introduced you to him before on other topics. And we just have so many topics that we want to talk about.
So here we are going to talk about AI and the financial world.
Andy Woodward: It's fun that we're able to bring our actual conversations that you and I have all the time as actual, I know as podcasts, we're always like, we should be recording. Yeah. [00:01:00]
Michelle Moses: We go to lunch and we're like, Hey, what do you think about this? Or we talk about stocks or, you know, whatever, you know what?
Yes. And that's why we had the fed conversation is cause that's what we kind of talk about is interesting things like that. So, so anyway, thank you for joining us. Uh, and then let's hop right in. Cause I think this is a super exciting topic and I, Cannot stop using AI. Like I tried to use it for almost everything that I have now, uh, to just investigate it anyway.
I mean, are you kind of like that right now? Yeah. I mean,
Andy Woodward: probably a couple hours a day just to fiddle around with it.
Michelle Moses: Yeah. I mean, I try and, and if I can't use it, so like I tried to use it, uh, yesterday, or at least chat GPT, uh, to look up and I was like, Hey, what are the, uh, maximum contribution limits? for all the retirement plans.
And I just wanted a little synopsis to copy and paste to send to somebody so that I didn't have to type it all out. Uh, and, uh, it only went back to September 2001 or 2021. Uh, so I couldn't use it, [00:02:00] but, uh, again, I'm just trying to use it for all kinds of things. I'm always like, Oh, I wonder if this'll work or, you know, if I could save some time using it.
Is that kind of the way that you're doing it?
Andy Woodward: A little bit. I actually am using it for production things as a, since I am a software developer, uh, it's actually, you know, I've gone from grasshopper to Kung Fu at this thing because, uh, kind of the way I look at it is an analogy that I use when describing what's going on with AI right now.
It's, it's, it's like having an intern. They can't go pick up your dry cleaning or go to a coffee, at least not yet, but I'm sure that's coming. But, you know, at least with an, with an, you're going to think it and it'll arrive, you know, having interns in my business and actually parcel out tasks and go, all right, I've got this.
data structure, set me up the database for this, and then write me a, you know, the code all the way up to doing a basic [00:03:00] web application with it. And I'm able to do all of that with chat GPT.
Michelle Moses: And so if you do that, do you have to go back in and check all the lines? For sure of it. You, so you check
Andy Woodward: every line.
It's again, the same thing with a, not necessarily every line. A lot of times I'll just pull it in and run it and I'll go and see if it runs well, I'll be darned it actually works. Yeah. Most of the time it gets it right. Uh, sometimes it embellishes on it, but then, you know, based upon experience, I can go in there and optimize it or tweak it a little bit for my needs.
But I think one of the interesting things about. The chat GPT in particular, because everybody's familiar with Alexa and Surrey at this point. Well, those you ask it a question, it gives you an answer. It's not conversational where with chat GPT. Yeah, it's a lot
Michelle Moses: more. Yes. I can turn
Andy Woodward: around and I can literally say, Well, that web page is a little basic.
Can you give me something that uses more fonts and more colors? And even give it a specific color and say, [00:04:00] Alright, align to a color palette based upon this color and it'll revise it.
Michelle Moses: That's amazing.
Andy Woodward: Yeah,
Michelle Moses: that is amazing. And I've used it for like my copy for, um, my website and for different bios and things like that.
Um, I've just put it all in and said, Hey, uh, make, can you have this flow better? Can you make it sound better or read better or something like that? Yeah. And it just tweaks it just a little bit and then it sounds perfect to me. So, um, I think for the marketing, it's huge, but we're here to talk about the financial world.
So you're seeing it, uh, cause you write programs for payments. So, you know, different things talking to
Andy Woodward: each other. I write trading programs as well. And it's kind of interesting, uh, you know, just things that, you know, actually close positions or something like that. And
Michelle Moses: how would you do that? Because you're trading in.
Like a TD Ameritrade, right? And like in the back end or whatever. And so it tells you like what to put in.
Andy Woodward: Well, they like Ameritrade, for example, uses a product called [00:05:00] Thinkorswim. And you can literally chat. GPT is familiar with Thinkorswim. You could actually say, write me a think script is the name of their programming language that'll actually give me a chart based.
Based upon the RSI or the MACD crossover or things like that. And it'll actually give you the code that you can then paste into think or swim. It also works in a pine script for trading view is another one.
Michelle Moses: Wow. I had no idea. Okay. Well, there's one application that's fascinating.
Andy Woodward: And I, and I think as more of these layers appear for doing other things, you know, bond trading, even real estate, uh, I think it just opens the door for a lot of these data sets to start being consumed a bit more and start doing more analytics.
Michelle Moses: Well, yeah, that's what I'm excited about is how it's going to analyze data and be able to see patterns, you know, because I could see definitely, um, and putting together portfolios or even market timing of different sets. [00:06:00] You know, like it, it could put together all of the data, uh, for different, you know, stocks and bonds and what the Fed is doing.
And, um, even, you know, how unemployment and spending is and put all of that together and see patterns and then be able to tell you, you know, what a good portfolio would be.
Andy Woodward: Yeah. But I, I think it's, if it, if it does that for us as individuals, it's Pretty much doing it for everybody. So,
Michelle Moses: right. And then it becomes kind of a non.
We're back to
Andy Woodward: ubiquitous. I think that's one of the reasons why, you know, the advent of this with even computers and the internet, and then just the sheer amount of data that's available now, now that we're able to store more data and things like that. This is just the next project. Projection is the next step, because right now, you know, it's like more than anything, can you, from a financial standpoint, beat the S& P 500?
That's kind of the rule of thumb.
Michelle Moses: Right.
Andy Woodward: And if you're [00:07:00] looking at your positions and going, all right, why, why aren't you beating the S& P 500? There must be other things that like, you might want lower risk or something like that. I know there's a lot more to it, but because of then all of these things, things has been the rise of ETFs and index products because, you know, the, I think the days of calling your broker or your broker saying, you know, Hey, I need to get you into this.
Right. It's kind of over fading away.
Michelle Moses: Oh, absolutely. Um, and then the ETFs just so everybody knows how they work. A lot of times, um, they will pick a. particular portfolio, you know, let's say it's all with gold producers. Uh, and it kind of sticks, it depends on the ETF, but they tend to stick to the same, uh, allocation.
Uh, so it's just tracking those particular stocks that are in it, but then there's other ones that could change their allocation as time goes on. And, yeah. You know,
Andy Woodward: there are some that are what are called buy right funds where they'll [00:08:00] actually do some derivatives trading against the positions. They'll actually buy the positions and then sell calls against them and things like that.
So, so I think as a lot of this technology grows with AI and everything, you're just going to see more funds.
Michelle Moses: It's going to, and it's just going to, um, I mean, not that our world, the financial world isn't already big enough, but it's probably going to expand it even more. Uh, cause you have all the derivatives and the futures and the options and things, and there's probably going to be extra things that people create from it.
And I find it very exciting. I also find it very exciting just for my industry. Uh, as you know, I've always said that, you know, with what I do, it's a lot of fun. It's not that I stand out with how I pick things, it's more of, uh, like pick stocks and investments. It's more of how I put it all together and I help people put it all together.
And I think it's really going to help people with their financial education and it's going to help, um, I, I don't know about doing away with me, you know, but I don't think [00:09:00] that there's going to be a need for as many financial advisors out there cause you're just going to be able to type it in and get some answers.
I think
Andy Woodward: it's just going to be one more tool. For me working on the technology side of things, it plays very well to the middle again, using the intern analogy. It's still one of those things, if you don't know what you actually want to request it. So a lot of people, if you gave them an intern, you'd say, what would you do with an intern?
They'll be like, I don't, yeah, I don't know, uh, where if you actually had, you know, from a financial standpoint can actually have it do specific research, but otherwise just, uh, You know, it's not there as far as just giving it a question. You just go here, here's my bank account. Make me some money and call me later.
Yeah.
Michelle Moses: Yeah. But I also think that you could put in like your whole portfolio and say, I want to retire in such and such years. Could you tell me, you know, I could definitely see it going to that of, uh, you know, that you, but you would still need the, the data [00:10:00] to input it, you know, how much are you going to spend in retirement?
How much are you going to, or even today, you know, what do you need? I think
Andy Woodward: there's still, there's still always going to be a need for the bespoke, which is somebody, you know, so what this will allow. People like you to do is, is work towards the ones that need more specialized. Again, it's like, it's not going to, you're not going to be able to paint everything with one brush.
So somebody that needs real estate exposure or, you know, rolling in metals and everything like that. Not all these things are traded in the same way. Uh, and then there's, you know, there's always going to be new things coming up. Uh, new products, zero day, uh, expiration options, for example, or something that have just cropped up in the last year.
Michelle Moses: Oh, really?
Andy Woodward: Yeah.
Michelle Moses: Okay. That's very interesting. Or
Andy Woodward: the dailies as they call them, like on the indexes and stuff like that. And they're becoming more and more prevalent. It wouldn't surprise me if they're on pretty much everything that's [00:11:00] major. So there's just more and more trading, but there's also more and more people going, what do I do with this?
Yeah. And not doing anything.
Michelle Moses: Right. Right. That's true. Yeah. We're kind of in data overload right now, I think. And so that's. That's why I think AI is great is because I feel like we're in data overload. We have so much data. I mean, look at all of our pictures, all of our, you know, and so for AI to be able to go through all of that, it'll be very, very interesting.
Um, and so what are you seeing in like the payment processing world, uh, with AI? Like.
Andy Woodward: I think one of the, uh, use cases that's been around for a while now is fraud detection.
Michelle Moses: Oh, yeah.
Andy Woodward: It's able to do a much better job of determining when something's Following an automated pattern, like it's a bot or when it's able to spot an outlier trends and things like that and determine, uh, that's pretty likely fraud.
Uh, so a lot of fraud detection right now is in the, uh, it's in the pain. And it's
Michelle Moses: more from like patterns, right?
Andy Woodward: [00:12:00] Yeah. Yeah. They're able to aggregate all of the information, you know, since they have. Banks have access to your own trading information and things like that. And they're able to look at it. All right.
This merchant really doesn't do, you know, 1, 500 transactions and things like that, just sort of aggregate it and come up with a probability score and identify, eh, you know, they're probably not in Colorado buying a TV,
Michelle Moses: right? Well, on the other side of that, though, wouldn't there also be bad actors using AI to commit fraud?
I mean, you know what I mean? It's kind of, it all goes up together. It's constant, but that's always been the case.
Andy Woodward: The early adopters that are, uh, you know, on the fraud or the Crime side of it are always trying to keep up with the crime. And then the, the, you know, white hats on the hacking side of it are always trying to keep that down.
There's always, it's constant,
Michelle Moses: right? And every time I bring up AI, it's either someone who's really excited about [00:13:00] it and, or they're really kind of scared about it. And they've heard all, you know, it's going to take over and it's going to do all these things. And my reaction to that is just that that's human nature is that we have always.
Thought that there's gonna be Armageddon. I mean, since the time of, you know, Jesus and all of, I mean, there has been, there's thoughts of Armageddon and that there's just, we're gonna be wiped out by something. Um, and so to me, I just look at that, that that's human nature. I'm very excited about AI and what it can do and the ease that it could bring, um, because it's almost like the internet has brought us up to the speed of.
You know, having to do all these things with social media, I guess if you have a business or you're, you know, you're running something, um, and that AI allows us, uh, to free up our time to do all of those things.
Andy Woodward: Well, and it also allows you to get into other areas that you may not have, you know, like, I love the art side of it.
Uh, you know, I'm, I'm an engineer, I'm not a, I'm not an artist per se at all, but this
Michelle Moses: makes you [00:14:00] look good, but I'm able,
Andy Woodward: yeah, I'm able to, if I can craft a, uh, a prompt to mid journey and stuff and tweak it a little bit and go, yeah, that's exactly what I was thinking. Exactly, right? For me to pick up a brush and everything like that to do it, there isn't any way I can do it, but if I can actually articulate what I'm thinking, and then, you know, come up with some sentences and the perspective and everything like that, it is a lot of fun.
I can just sit there and, you know, that's like a big rabbit hole.
Michelle Moses: And so, and, and it doesn't give you the, um, cause if you were to learn painting between what's in your head, And what you can actually do is so far apart, right? Versus with AI, you can, it's like, Oh, that's exactly, that's it.
Andy Woodward: Well, and then it'll spark more ideas, you know, some of it, you know, like you were saying at the beginning, you know, it's fun to go to chat GPT and just, and just riff on ideas.
Michelle Moses: Yeah. I mean, anything I'm doing, I just go in there and I'm, I try it and I'm like, yeah, that's probably, that's not going to work. Right. It comes up with some
Andy Woodward: [00:15:00] neat things. Yeah, it really does. To jog the memory and things like that. So that's one of the reasons why I agree with you. I'm very excited about AI, just more from the standpoint of, you know, being able to do more with, uh, getting your own thoughts out there and things like that and not struggling with the tool.
Yeah.
Michelle Moses: And also not needing money to pay somebody to make it happen.
Andy Woodward: Yeah.
Michelle Moses: So, and I think that that's huge when you're, especially when you have your own business, uh, is, you know, all of these little things you're choosing what to pay for. And if there's just some other things that you don't have to pay for, it's even better.
Um, and I kind of do want to talk about, so we talked about like trading and finances and stuff, but the, like the real estate market, I think, or any of this paperwork stuff. I mean, I, uh, and drowning in paperwork sometimes. Um, and so I think the real estate world is like that too. Uh, and so I could absolutely see, um, you know, doing some research on title [00:16:00] that AI could do a lot of that, um, and also uncover things that weren't being uncovered before.
Andy Woodward: You're given a number of. You know, one I was thinking of is given a number of properties in a particular area, which one is
Michelle Moses: exactly
Andy Woodward: is the better, you know, as far as all the different factors for research and proximity to schools, walking distance, uh, whatever it may be, you know, to be able to just sort of weed through all of those choices and quickly come up with.
Yeah, likely.
Michelle Moses: Well, and I don't think people realize that when you're using, well, they do realize they're being tracked, but, um, you know, when people, so you get some texts sometimes, Hey, you want to sell your house, you know, stuff like that. When you go to a title company, um, they have access, not, you know, They don't have access to the data, but they have access to the programs to where it says who is going to be selling recently, uh, or who will be selling soon.
And some of that is from people talking about buying a house on their [00:17:00] Siri or their Google or searching for it or being on Redfin or one of these other sites. And then it does track back to your house. and who you are and then it goes into all of all of these, um, programs. So I just think with AI and I'm not trying to, you know, I think some people will take this as a, you know, they're going to lose their jobs like at a title company or at an escrow or something like that.
But I do see it, um, cutting down on fraud, like what you said, and then being able to see the patterns of. Selling and where is a good place to go flip houses and all of that. Yeah. And just the transactions themselves, like even with mortgages, when you go to get a mortgage, I mean, it's, you know, those mortgage officers, they're having to like really search and go to each bank and, you know, will this fit, there is a lot of work that goes into that.
Um, so I could see AI just making their life so much easier.
Andy Woodward: I think, yeah, the overall quality of any transaction will improve because it'll be a lot easier to do a complete job and present you all [00:18:00] the information. And the, the other beautiful thing about like chat GPT is you can feed it your information.
So let's say you're looking at a series of properties or something, you can feed it the data and then ask it questions about the data that you actually fed it.
Michelle Moses: And that's what some people do with like their manuals. And they'll do the chats online, right? Uh, and for people to ask certain questions, they can just have AI answer a lot of the questions.
Or I'll just, you know,
Andy Woodward: if it's something that I need to read a bunch of, and I need to determine which one, you know, I need to do a deep dive on, I can actually upload the document and say, give me a, uh, a paragraph summarizing the document. effect. Yeah. Uh, or, you know, restate it if it's something that's, that's difficult to read or poorly written or something like that.
Yeah. Actually rephrase it.
Michelle Moses: Right. And I could see that for, um, especially people starting out in finance, you know, that you've got these ETFs with these huge thick booklets, right. Of their prospectus. And some people want to read all of that, you know, [00:19:00] when they're first starting out, they want to read a lot of that.
I could I absolutely see uploading that and saying, just give me the highlights of what's important because a lot of those prospectuses and, um, like when you're getting an alternative investments too, a lot of it is just copied, you know, from each one of disclosures of, you know, you know, this will go up and down and this is the market and, uh, what are,
Andy Woodward: what are their fees and how's the performance been for 10 years, right?
Exactly. Since there isn't any, I know that data has to be in there, but there isn't any standard as far as where it is, things like that. I'll be able to give you the expected return.
Michelle Moses: Do the owners invest in it? What is the, um, you know, board of directors, you know, how do they do things? Yeah. Important things like that would be very, very interesting.
So yeah, I'm very excited to see how this is going to speed things up. And then also like, what are we going to create on top of it? Right. So now that we have created this time. Of these transactions that we're not enjoying doing. Right. Because the paperwork and how is all the paperwork gonna talk [00:20:00] more?
And then what Yeah, exactly. What are we gonna create on top of it?
Andy Woodward: But we've been at this for 40 years. Yeah. You know, since it, you know, 40 years ago it was. Rare that somebody had a computer on their own desk. And now a lot of people probably have two or several. And so they had access to that. It's just improved the information.
So it's just continually walking up the access to information, what we can do with it and the overall quality. It just winds up being more and more, but you can actually just track back whatever your thoughts are related to. AI, you can just walk back that thought related to any technology. 25 years ago, companies having a website was really rare.
Uh, now, you know, you're. You're kind of missing something if you don't have a website. Right. You think it's fraudulent? More of the Yeah. . Yeah. It's rare that companies don't have a website. Yeah. Uh, so it becomes ubiquitous. And I think we're to [00:21:00] the point right now when, when we look at ai, like if.
Everybody's using it as a buzzword. It's like, Oh, we're doing this with AI and everything like that to kind of be an also ran, which is a little bit creating a bubble in the stock market.
Michelle Moses: That was kind of my next question is the. com bubble and the AI bubble. Well, and medical marijuana was a bubble too.
Uh, and I kind of see more longer legs on this than medical marijuana,
Andy Woodward: but what do you agree? I think this is. It's, you know, it's like a, it's a mushrooming trend right now and, you know, I was mentioning before we started, I saw an MIT article talking about the AI bubble and how, how bad it was from 2014 to 2019, uh, you know, and the, so the article's five years old now, but.
It's the same thing. I think this is just, it's another technology that's going to be ubiquitous. It's going to be everywhere. I think what is the bubble though, are [00:22:00] the companies just using it as a buzzword and not actually doing anything per se with it or improving their bottom line. At the end of the day, it has to improve their bottom line.
You know, if somebody, if somebody is, you know, A pet food manufacturer saying we're using AI. You might want to look at that with a little suspicion. Right. How are they really using it? I'm sure there's some things that can be done in there, but how is it affecting their bottom line? Yeah. Well, I'm
Michelle Moses: talking about more about the AI stocks that are literally AI.
You know, NVIDIA and that kind of stuff. Um,
Andy Woodward: but even NVIDIA, Microsoft, AMD, they're all getting a boost. Yeah.
Michelle Moses: They're getting a huge boost. And so I guess I'm wondering how far that's going to go. They've been at it for a
Andy Woodward: while and you got to ask, you know, is the multiple worth it? And it's going to continue to oscillate and everything like that.
I have concerns about a bubble from those specific companies, but then there's other ones like Adobe has been. Right. I've heard they're [00:23:00] new.
Michelle Moses: Photoshop is amazing. Yeah.
Andy Woodward: Some of the things that they're, you know, Taking a lot of these technologies like journey and being able to do the, uh, backgrounds and things like that, and then Photoshop or being able to edit the perspectives on videos back and forth and things like that.
They're, they're really incorporating the technology and it is right. Right. Yeah.
Michelle Moses: But they're not an AI company. So I guess I'm thinking about, you know, the particular AI, like what you mentioned, the Microsoft and everything. If I had to pick
Andy Woodward: an industry. That's probably going to really get some legs under it.
It would be medical.
Michelle Moses: Yeah.
Andy Woodward: Uh, with,
Michelle Moses: oh my gosh, like, right. I mean, we could do another podcast on how AI would change the medical.
Andy Woodward: Right. So, so then
Michelle Moses: you do need to have, I mean, we're going to have to talk about guardrails and stuff, and I don't think that that's kind of talked about. It will be, but you know, you're going to be putting personal information into these things and you're going to be, uh, putting your financial information into things, you [00:24:00] know, I think.
Is it true information? Could people give it false information and then spit it back out? Right? That kind of stuff. The
Andy Woodward: fakes of financial data. Yeah, right. That's very possible. But you got to look at the, the amount of data, for example, that Walmart's been collecting. Right. Everybody for decades. Yeah. It's allowing them to then internally use AI to go, all right, what, how should we handle product placement?
Right. In the stores and things like that in order to optimize it. So, so. When it comes to these things, you know, you got to look, start looking at things with a critical eye and a degree of skepticism now that you actually know how these things work. And that's where I
Michelle Moses: think the human element really comes in is because you can do, and that's when I first started out as I was doing, you know, lots of Excel spreadsheets.
Uh, and the people that got in trouble with that were the ones that didn't like go back and check their work because then sometimes you're copying and pasting over and, you know, like you just always need to go back and check your work and make sure everything makes sense. Yeah, this
Andy Woodward: is, this is no replacement for knowing what you're [00:25:00] doing.
Right. In my line of work, it's entirely based upon domain knowledge, actually understanding how the industry works that I'm actually working in. And then. Actually coming up with a vision and being able to craft a direction. The AI isn't going to do that for you. It might point you in a particular direction or give you broad strokes as to what possibilities are, but it's not going to craft that for you.
Michelle Moses: But it could, I mean, maybe in the future, come up with ideas about, you know,
Andy Woodward: we're in the early days of this. Yeah. It's like the early days of the World Wide Web. You know, it's it's I love
Michelle Moses: that you call it the World Wide Web. Why don't you just call it the Internet? Because I've been around
Andy Woodward: too long. You know, it's the.
Well, I was using, I was using the internet before it was popular. I know, I know. I remember my
Michelle Moses: first class. He's like, type it just like this, www. We're like, what? What are you talking about?
Andy Woodward: You know, what you see in the way of webpages is just one aspect of the internet. You know, then [00:26:00] there's internet of things.
There's a million other things. Right, right. Yeah, seems there that just gets gets me excited all the time. Uh huh. Just one more aspect of it and how this is going to permeate everything from vehicles to I
Michelle Moses: know I'm so excited. I'm just so excited about the, uh, patterns and the, and being able to pull it all together.
And then what comes of that, you know, cause I just think as humans, we can't see patterns. We can't see, like, I just, I love analyzing data and seeing it in different ways. And so I'm just so excited about having something that I feel like is reliable versus just. You know, Hey, I put this together, the spreadsheet, you know, I mean, humans just make errors all the time.
So,
Andy Woodward: so it's a tool for us, but as an investor, it's one of those things that I look for now is, you know, how is the company actually, if I'm looking at a company or if I'm looking at an individual or what have you, how are they [00:27:00] using these technologies? Are they doing something innovative with it? Are they actually moving forward or are they being left behind?
You know, there's. going to be companies and industries being left behind. So, so that's why I'm consuming the information or asking chat TPT for the information as far as what industries could be left behind or what are some things that need to be identified when I'm going through the due diligence on something.
It might be retail or, or. Yeah, and that's what I think is great
Michelle Moses: too. It's like, what am I forgetting? You know, what, what parts of it that, uh, I, because we did one on the fed, right, and I use chat GPT to go in about different things. I was like, Oh yeah, I forgot about that. And I forgot, you know, so it brings up things that, uh, you wouldn't necessarily remember, and then you don't want to read 20 different websites.
figure it out, so it's good.
Andy Woodward: or it'll bring up things that you think are common knowledge.
Michelle Moses: You
Andy Woodward: know, I, I would say that's one of the greatest mistakes that I've [00:28:00] made, uh, from a business standpoint is I just assume, I assume everybody's. are the same page and everything like that. So it gives me those talking points where I can go, Oh, I forgot about that.
That's useful to embow.
Michelle Moses: Yeah. I'm the same way about the financial stuff, you know, cause you do it for awhile. And then, um, it's with the first couple of episodes, people were like, Oh, I didn't know that. And I'm like, Oh, you know, and you don't realize the You're just talking to it every day. So,
Andy Woodward: yeah, but you know, when it comes to actually using chat GPT, I tell everybody, just go to town on it.
Talk to it like you would a person conversational, you know, it's like, and you're just digging down into what you really need. One of the things that I always do at the, at the end is I say, thank you to chat GPT, just in case our robot overlords take over and everything. It's like, it's like, it's.
Historically, they never saved the polite ones, but I'm hoping at least the AI's.
Michelle Moses: My husband laughs at me all the time because I always say thank you to Siri. I'm always like, thank you, Siri, and [00:29:00] then she never says anything back.
Andy Woodward: Or chat GPT actually will. Really?
Michelle Moses: You're welcome. Oh, I haven't even, I haven't said that.
Oh, that's funny. I'll have to say thank you. I think because it's typing versus just talking. So, yeah. Yeah. Oh, interesting. Uh, well, you have anything else to add? I feel like we've talked about a lot of, I mean, it's not that we know any of these. It's just more of a brainstorming
Andy Woodward: talked around it. It really isn't anything new.
It's just right now in the popular culture, like chat GPT. It's actually the current one that you pay for is version four, uh, version three came out in 2015. Yeah. It's been around a while by, uh, Microsoft or. Actually, version 3 was 2020, but OpenAI has been around since 2015.
Michelle Moses: And are there different, I mean, so ChatGPT is the one right now, but are there different Well, it's
Andy Woodward: like, it's like Kleenex, you know, it's like, uh, you know, everybody calls the tissues Kleenex, you know, or something like that.
It's more of the, it's [00:30:00] more of the public face, the, but there's a ton of them out there. Uh, there's a website I use called future tools. io. I think it is. And he's adding AI tools to that every day.
Michelle Moses: Oh, there's different travel AI tool. I mean, there's, yeah,
Andy Woodward: there's hundreds of them. You
Michelle Moses: get on Twitter. I mean, there are people putting together lists every day of 50 different things that you could use
Andy Woodward: and look around for them and have fun with them.
They are, they are interesting and they are fun. Go down a deep dive into areas that, you know, you might not go again. I have a lot of fun with the art ones. Yeah. So
Michelle Moses: I had a lot of fun with the travel, with doing, with booking some travel. And, um, so I used one of the, uh, tools that they recommended on Twitter.
So, um, yeah, I think this is going to.
Andy Woodward: Yeah. And the only other thing that I had was, you know, just consideration of industries that are either going to be on the rise or the fall, but are really going to be in [00:31:00] the very short term, I would say in the near term. Next year to two, a year or two really affected by this.
And that really is like, uh, I mentioned Chegg, it was a company that is in the training space. And they're the first one that I saw that actually said that, uh, AI has been materially affecting their business and their stock dropped like 40 percent as soon as they made that announcement, because if they are in a commoditized space, it's going to be tough if it's one that it's got a guided missile of AI And you can't actually evolve and use the, uh,
Michelle Moses: technology
Andy Woodward: to, to improve if you can be replaced by it, be careful, you know, marketing training, any sort of sort of documentation.
Michelle Moses: Yeah, that's where, but that's the kind of stuff that I feel like people don't enjoy doing. It's a very tedious and that's what I'm excited about AI is it's going to take away a lot of these tedious emails, these tedious customer service thing, you know, the training, uh, maybe make it a little bit [00:32:00] more exciting with some art and, you know, and visuals and things that don't take so long to put together.
Cause we're not having to sit down and put together a PowerPoint,
Andy Woodward: you
Michelle Moses: know,
Andy Woodward: but as you said before, like a lot of people, or some people are actually afraid of it. But it's just the next iteration. And you can, you can actually resist it and go, well, I'm not going to get on board with this AI thing, but that goes all the way back to like the Amish.
Yeah. I mean, you can
Michelle Moses: do that, but then the next time you're on Amazon, you're going to be using AI. So
Andy Woodward: it becomes ubiquitous. The next thing, you know, it's not even around you or you, you don't really even think about it. And that, it, it. It is prevalent because it has been around for a while. Like you said, those suggestions that Amazon makes.
And yeah, I
Michelle Moses: love it. I mean, I don't have to wait for anybody. It may, uh, half the time it can answer, um, my question. So I, yeah, I just think it makes our life a whole lot easier and we're not having to, um, you know, what we're having a problem with right now in our country is that, you [00:33:00] know, there, I should say at the fight that you hear online is that, That the, uh, lower echelon of people, I should get payments or I should say salaries, uh, they're not getting paid enough.
And so if we can replace some of this with AI and then get some people trained on other things, right, that would be. Much better
Andy Woodward: or allow them to do more work or what have you within.
Michelle Moses: Yeah. That companies, yeah. That companies find more valuable and get
Andy Woodward: more value. And of course, pay them more. Exactly. And of course, pay them more.
Exactly.
Michelle Moses: Yes. That's what we hope comes from a lot of this. So, well, Andy, thanks so much for being on again. It's fun as always. Yeah. It's a good time talking, especially about this. I love this topic. I can't wait to see where it goes. So, uh, thank you everyone for listening. Uh, remember to. Subscribe, uh, leave a review and let me know if you have any questions.
And thank you so much for listening [00:34:00] again.
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