Dutch Authority for the Financial Markets chair urges consumers to use AI as a sounding board rather than a financial decision maker

In a column for Het Financieele Dagblad, Dutch Authority for the Financial Markets (AFM) Chair Laura van Geest urged consumers to use generative artificial intelligence (GenAI) as a sounding board rather than follow its answers uncritically when making financial decisions. The tools make financial information and advice more accessible, but can provide incorrect answers and reinforce users’ existing views. Their increasingly personalized responses also raise questions about how they fit within legal requirements governing financial advice and information. The AFM Consumer Monitor found that 14% of consumers had used an AI tool for financial questions in the past year, while 19% were considering doing so. Common topics included benefits, subsidies and taxes, everyday banking and investing. Two-thirds of users said the information helped them make financial decisions. For about a fifth of those consumers, GenAI was the only information source. Only 15% of users were skeptical about the reliability of AI financial information or advice, compared with 49% of nonusers. Free access, availability and anonymity lower barriers to financial assistance. However, responses that appear tailored to personal circumstances can also echo users’ preferences, while an assertive tone can influence their decisions. Van Geest argued that monitoring is warranted, while cautioning against losing the benefits of the technology. She encouraged consumers to check underlying sources and engage actively with AI rather than delegate their judgment to it.