Finance with Siri and Google Assistant: A Helping Hand or Just Hype?

Siri and Google Assistant have evolved beyond setting alarms and answering trivia. They now offer a degree of financial assistance, allowing users to check stock prices, manage budgets, and even make payments using just their voice. But how reliable and useful are these voice-activated financial tools?

Basic Financial Inquiries

Both Siri and Google Assistant excel at providing quick answers to basic financial questions. You can ask them to:

• Check stock prices: “Hey Siri, what’s the price of Apple stock?” or “OK Google, what’s Alphabet’s stock price?” Both assistants quickly fetch real-time stock information from various financial data providers.
• Convert currencies: “Hey Siri, convert 100 US dollars to euros.” or “OK Google, how much is 50 British pounds in Canadian dollars?” These assistants handle currency conversions accurately and efficiently.
• Find the latest market news: “Hey Siri, what’s the latest financial news?” or “OK Google, give me a financial news update.” They’ll provide summaries or links to relevant news articles.

Deeper Integrations and Functionality

While basic inquiries are straightforward, deeper financial integrations depend heavily on third-party apps and services. For example:

• Budgeting and Expense Tracking: If you use a budgeting app like Mint or Personal Capital, you may be able to link it to your voice assistant to check your spending, remaining budget, or recent transactions. However, this functionality often requires specific phrasing and setup.
• Banking and Payments: Some banks and payment platforms (like PayPal or Venmo) offer integrations that allow you to send money or check your balance using voice commands. These features prioritize security, often requiring authentication via fingerprint or passcode after the initial voice command.

Limitations and Considerations

Despite their potential, these voice-activated financial tools face several limitations:

• Security Concerns: Discussing sensitive financial information aloud can raise privacy concerns, especially in public settings. Relying solely on voice authentication might not be sufficient security.
• Accuracy and Reliability: While generally accurate, voice recognition can sometimes misinterpret commands, especially with complex requests or strong accents. This could lead to incorrect information or unintended transactions.
• Limited Functionality: The scope of financial tasks you can perform is often limited by the capabilities of the integrated third-party apps. Complex financial decisions or analysis require a more robust platform.
• Setup and Integration Complexity: Connecting your financial accounts and configuring voice commands can be tedious and require technical knowledge.

The Verdict

Siri and Google Assistant can be helpful for quick financial inquiries and simple tasks. They are a convenient way to check stock prices or convert currencies. However, relying on them for serious financial management is not advisable. Security concerns, limited functionality, and potential inaccuracies necessitate a cautious approach. These tools are best viewed as supplementary aids, not replacements for traditional financial platforms or professional financial advice.