Retirement Ready with David Kopyc-AI In the Financial Field

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Episode Transcript

(00:00):
You know, Fridays are always gooddays because I get to talk to my
friend David Kopek, who is presidentof the Retirement Planning Group. Now we
talk about it all the time.David has his own show on our sister
station eight ten and one oh threeone WGY that happens every Saturday morning from
seven to nine. Hey, goodmorning, David. How are you?
My brother tgif another one is here, I don't know what if the weekend

(00:22):
look like Jamie Sunday, Sunday's gonnabe great, sunny and eighty tomorrow,
chance of rain in the seventies,I'll take that. That's all right,
Yeah, better than smokey and sixtyeight, So no more smokey um.
Hey. I wanted to jump inbecause this is something that's been in the

(00:43):
news a lot, and I'm justcurious how it's it's going to affect the
things that we talk about. Andthat's artificial intelligence. Now we all know
it's going to change our lives asthis keeps ramping up and ramping up,
But want to know how it's goingto affect the financial markets? You know,
do you AI now in the market. The answer to that is an

(01:03):
emphatic yes. Wow, okay,And the answer to that is I'm going
to tell you something kind of scaryhere towards the end that our listeners aren't
going to like, and I thinkit's going to cause a lot of fear.
But yes, artificial intelligence is here. And with anything that's good,

(01:25):
there comes bad, right, there'salways the opposite side of the coin.
So we're in a brave new world. So is it in the financial services
industry? The answer is an emphaticyes. It's being used for a lot
of different venues. It's being donefor investment management, fraud detection, it's
going to customer service. This isa word that you're going to have to

(01:47):
get used to because you think you'retalking to a human, but you're actually
talking to a computer chat spot,Yeah, a chat Spot. You're not
talking to a human, right,You're talking to artificial intelligent chatbot who has
all the capabilities of acting human.But it's really not a human. You're

(02:08):
talking to someone that's inside a computer. It's kind of scary, I mean,
it really is. So let's talkabout, you know, what are
the pros of that and what arethe cons of the AI the financial market?
The pros Jamie of course efficiency thecons and please listen to this because

(02:29):
this is critical and we're doing Thewhole financial industry is going through this right
now. With artificial intelligence, notonly can they capture your face recognition,
but they can also capture your voicerecognition, so they only need about three
seconds. I think it's actually lessthan that. So if you're listening to

(02:52):
me right now, might not beme, Oh might it might be artificial
intelligence. And I that I'm goingto be a little bit corrupt into something
bad, and I decide, listen, I'm gonna call my a broker right
and tell him to liquidate on myaccount or part of my account and sending
that money. I'm not actually inAlbany right now. I'm down in Tennessee,

(03:15):
and can you send me one hundredthousand dollars out of that account because
I'm going to buy a property downhere. You know. I'm using that
as an example. And this ishappening as we speak. Oh my gosh,
that's terrifying. Yeah, it isterrifying. It is terrifying. So
the thing is is that the financialservices industry is doing everything they can in

(03:37):
order to get prevention in place.So not only do they know that it's
actually the person that they're speaking to, but it's also the person that is
supposed to be getting the money.So you and I both know you can
hear all these promos and where youhear different celebrities that are talking about,
hey, Dave Kopeck is a greatguy. Right, Really, that's really

(04:00):
not the celebrity that's doing that.That's AI. That's artificial intelligence where they've
captured the voice and they're just usingit. So it's kind of when I
say it's the Brave New World.Make sure that when you're doing anything in
the financial services industry now that you'redot in your eyes and crossing your teas.

(04:20):
Now, we're very fortunate. Weclear through Fidelity Investments and they spend
over a billion a billion dollars ayear. I'm basically cybersecurity than is this
right now? My love is onthe top of the list. All right,
well you heard it from David.I'msell and I'm guessing you're going to
go more in depth tomorrow morning aboutthis. Yes, yeah, we need

(04:42):
to listen. We absolutely because it'sgoing to affect all of us. That
is tomorrow morning seven to nine onour sister station eight ten and one oh
three one WGY and listen. Youcan always contact Dave. Now is the
time to do it, especially withall of this going on. Five one
eight five eight zero one nine onenine, or head online rpg retire dot

(05:05):
com, rpg retire dot com.David, thank you for the information.
I'll be listening tomorrow. Have agreat weekend. You two Jamie, God
bless my Bye.