# AI and Social Media Are Revolutionizing Personal Finance in 2023 Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-02-27 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Top Fintech Trends for 2023 Meta Description: Explore the future of fintech in 2023 with insights on social media's impact on personal finance, the rise of AI in financial apps, the increasing use of URL: https://financedigest.com/ai-and-social-media-are-revolutionizing-personal-finance-in-2023html ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1448423359-1736814412658-compressed.jpg) _By_ **_Jaideep Singh,_** _CEO, [FlyFin](https://flyfin.tax/)_ With the new year comes the opportunity to peer into the crystal ball and get a handle on what might happen in 2023. From the moment the tech industry set its sights on transforming the financial sector, business has been a ‘boomin’. All signs point to new ways technology is changing the financial industry as well as continued growth for some of the biggest fintech trends. Here are a few [things I believe will unfold in the fintech](https://www.financedigest.com/why-banks-could-stand-to-learn-a-thing-or-two-about-financial-inclusion-from-fintechs.html "Why banks could stand to learn a thing or two about financial inclusion from fintechs") landscape. **[Social media](https://www.financedigest.com/why-no-event-should-be-planned-without-a-social-media-strategy.html "Why No Event Should Be Planned Without a Social Media Strategy") and personal finance** As Gen Z and millennial creators continue connecting in more ways via [social media](https://www.financedigest.com/10-tips-to-help-with-your-social-media-customer-care.html "10 TIPS TO HELP WITH YOUR SOCIAL MEDIA CUSTOMER CARE"), they’re increasingly leveraging platforms like Instagram, YouTube and TikTok. They’ve embraced online communities like Telegram and Discord to increase their financial literacy with money-saving [tips and personal finance advice](https://www.financedigest.com/tips-and-advice-for-start-ups.html "Tips and advice for start ups") on everything from taxes to investing. [Financial advice was once something that many people](https://www.financedigest.com/31972social-engineering-in-the-financial-services-people-are-the-weakest-link-in-the-security-chain.html "Social engineering in the Financial Services : People Are The  Weakest Link in the Security Chain"), especially young people, were once barred from because it came at the cost of paying an expert. [![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/1111-1736814412639-compressed.jpg)](https://flyfin.tax/1099-tax-calculator?utm_source=Finance_Digest&utm_medium=Partnership&utm_campaign=1099_Calc) One Wall Street Journal survey found that 18% of millennials prefer to get their information on investing from [social media](https://www.financedigest.com/3-ways-financial-institutionscan-leverage-live-engagement-on-social-media.html "3 ways financial institutions can leverage Live Engagement on social media"). One recent example is [FlyFin](https://flyfin.tax/)‘s community of freelancers and self-employed people sharing tax advice on Instagram. Launched last year, it attracted more than 50K followers in less than three months, many of whom actively participate in sharing [information and discussing financial](https://www.financedigest.com/overcoming-information-overload-in-the-financial-sector.html "OVERCOMING INFORMATION OVERLOAD IN THE FINANCIAL SECTOR") tips. **Mobile banking and** [financial services](https://www.financedigest.com/boom-or-bust-how-the-financial-services-sector-is-coping.html " Boom or Bust: how the financial services sector is coping") More people will use mobile apps for banking and other [financial services](https://www.financedigest.com/4-ways-high-performance-analytics-powers-financial-services.html "4 ways high-performance analytics powers financial services") in 2023 than ever before, as the convenience of the smartphone makes it more and more a tool for everything. The use of mobile [apps for various financial](https://www.financedigest.com/make-way-for-the-rise-of-the-finance-super-apps-consolidation-of-financial-digitisation-tools-platforms.html "Make way for the rise of the Finance Super Apps – Consolidation of Financial Digitisation Tools & Platforms") tasks is projected to grow from 1.8 billion in 2019 to 2.2 billion in 2023, according to a Juniper Research study. There are already 3.5 [billion active mobile banking](https://www.financedigest.com/first-abu-dhabi-bank-could-renew-35-billion-offer-for-stanchart-bloomberg-news.html "First Abu Dhabi Bank could renew billion offer for StanChart -Bloomberg News") users worldwide, and that number, says Business Insider Intelligence, is expected to grow to 6.6 billion by 2025. **AI in finance** AI has had a role in finance for some time, but it’s become especially important in automating [financial tasks in consumer](https://www.financedigest.com/50-of-consumers-wont-spend-more-than-20-minutes-applying-for-financial-products-online.html "50% of consumers won’t spend more than 20 minutes applying for financial products online") apps, like personal accounting and taxes. Business Insider expects the number of consumers who use AI-powered financial [apps to grow to 92 million](https://www.financedigest.com/ride-hailing-app-cabify-raises-110-million-for-expansion-in-latam-spain.html "Ride-hailing app Cabify raises 0 million for expansion in LatAm, Spain") in 2023, up from 33 million in 2019. **Automation in tax preparation** The total number of tax [preparers and CPAs supported by the market](https://www.financedigest.com/the-blood-preparation-market-to-be-diligently-digital.html "The Blood Preparation Market to be diligently digital") will likely decline sharply in 2023 and over the next decade, as AI-supported tax preparation technology becomes more efficient, precise and widely adopted. This decline is already happening as Xero and Expensify for [businesses integrate expense management](https://www.financedigest.com/5-practical-ways-to-manage-your-business-expenses.html "5 Practical Ways To Manage Your Business Expenses") with accounting software and apply it to tax management. From automatic deduction tracking to hyper-accurate [tax calculators](https://flyfin.tax/1099-tax-calculator), A.I. is revolutionizing both corporations’ and the average taxpayer’s process. **Web 3.0 drives more intelligent, more intuitive apps** Web 3.0, also known as the “Semantic Web,” is set to bring [major advancements in how we interact with information and technology](https://www.financedigest.com/technology-preventing-minor-regulation-causing-major-problems-the-butterfly-effect.html "Technology Preventing Minor Regulation Causing Major Problems: The Butterfly effect") on the internet. The semantic web creates a more interconnected and intelligent internet through the use of machine-readable data, [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "Types of artificial intelligence") and other emerging technologies. This year, [Web 3.0 will enable the development of more intelligent and intuitive apps that can better understand and process the meaning of data](https://www.financedigest.com/investing-in-the-future-with-alternative-web-data.html "Investing in the future with alternative web data"). This [advance will lead](https://www.financedigest.com/cone-crusher-markets-advanced-research-growth-opportunities-in-global-industry-by-2030-edited-by-leading-research-firm.html "Cone Crusher Market’s advanced Research & Growth Opportunities in Global Industry by 2030 Edited by Leading Research Firm") to improved natural language processing (NLP), enhanced knowledge representation, and more sophisticated decision-making capabilities. [Financial transactions will occur more often without intermediaries and with greater transparency](https://www.financedigest.com/legal-entity-identifier-a-financial-tool-for-transparency.html "Legal Entity Identifier – A Financial Tool for Transparency"). Peer-to-peer users will have more control over their own [financial transactions and stronger abilities to ensure security](https://www.financedigest.com/post-brexit-uk-workers-can-have-financial-security.html "Post Brexit – UK workers CAN have financial security"). The future of finance is looking brighter than ever with the advancements in technology set to transform the [financial sector](https://www.financedigest.com/iot-for-the-financial-sector.html "IoT for the Financial Sector") in 2023. From social media becoming a hub for financial literacy to mobile banking apps seeing a surge in usage, fintech trends are changing how we [manage our finances](https://www.financedigest.com/how-parents-can-help-students-manage-their-finances.html "How Parents Can Help Students Manage their Finances"). AI will continue to play a significant [role in automating](https://www.financedigest.com/10-ways-automation-has-changed-the-role-of-the-cfo.html "10 ways automation has changed the role of the CFO") financial tasks, while Web 3.0 will drive more intuitive apps that can understand and process data more intelligently. With so much innovation happening, it’s an exciting time to be a part of the [financial world](https://www.financedigest.com/tomorrows-world-how-cloud-computing-will-impact-the-financial-services-sector-in-2016.html "TOMORROW’S WORLD: HOW CLOUD COMPUTING WILL IMPACT THE FINANCIAL SERVICES SECTOR IN 2016"). Get ready for a wild ride in 2023! --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---