DFG funded research project on the use of AI in financial advice

What is the potential of artificial intelligence in financial advice? What risks are associated with the use of large language models in financial advice? These and other questions are now being investigated by a new project funded by the German Research Foundation (DFG), titled "Artificial Intelligence in private pension provision: opportunities and risks". The project is a collaboration between Dresden University of Technology under the direction of Professor Dr. Lars Hornuf and the Catholic University of Eichstätt-Ingolstadt under the direction of Assistant Professor Dr. David Streich. The project aims to conduct a comprehensive investigation into which factors influence the quality and acceptance of investment recommendations generated by AI and which risks arise from algorithmic distortions in investment recommendations generated by AI. It will also address how data protection and data security influence the use of LLMs. The results of an initial preliminary investigation have already been summarized in a video of the Short Question.