Only a few years ago, making big life decisions meant sifting through rafts of paperwork, asking friends for advice and maybe heading down the Internet rabbit hole. The experience was time-consuming, not to mention exasperating. In fact, a recent study revealed that 71% of consumers wished they had more assistance when faced with critical life choices.
Enter artificial intelligence (AI).
While people always have the final say when buying a house or investing their savings, AI-powered solutions are helping them see all their options. When used in an assistive capacity, AI tools can boost knowledge and gather facts — and that’s a relief for anyone faced with one of life’s major decisions.
How exactly is AI reducing the stress and confusion for consumers who are dealing with tough individual and family choices?
1. AI is reducing overall decision-making time.
When you have a big decision and you’re not clear about a path forward, you may drag your feet and possibly lose opportunities. AI can show you the full picture sooner, allowing you to have all the facts you need to feel confident about whatever route you take.
A strong illustration of this type of use case happens every day at personal injury law firm DK Law. The firm leverages high-powered AI intake systems to help their team members and potential clients evaluate the strength of a claim. Although human expertise is always used to make a final determination on a possible case, AI provides insights based on historical data that can steer attorneys and clientele in a more informed direction quickly and effectively. This can then spill over into faster claim movement and (in some situations) faster claim resolution.
2. AI is encapsulating the “fine print”.
If you’ve ever had to sign paperwork for a mortgage, student loan, or other significant purchase, you know how hard it can be to understand all the fine print. Typically, binding agreements aren’t written in a clear way, which means you may end up signing a contract that doesn’t provide you with many advantages. Unsurprisingly, one recent report shows that seven out of 10 consumers say they’ve authorized a contract without actually knowing its contents.
However, AI products offered by software giants are making the language of agreements more accessible and readable. AI can analyze a contract in seconds and condense its elements rapidly, enabling consumers to feel more comfortable with their decisions.
3. AI is removing uncertainty from healthcare choices.
Consumers now want more of a partnership between them and their healthcare providers. But they’re frequently still confused when it comes time to choose what kind of treatment to pursue when they’re diagnosed with chronic or acute illnesses. Of course, they can (and should) take the advice of their healthcare teams. Yet many want to better understand the full scope of their decisions before moving ahead with therapies like medications or surgeries.
For example, findings from the recent survey reveal that having AI tools read x-rays and other images can overcome diagnosis and treatment stumbling blocks. AI can often identify small changes in an image that might not be apparent, especially to overworked or rushed technicians. This doesn’t mean the AI should be seen as foolproof, but it’s able to provide a second look at a key piece of patient information. As a result, patients may find it easier to understand the full scope of their medical issues, paving the way for more cooperative and dynamic discussions with their healthcare partners.
4. AI is improving the way consumers approach housing.
Deciding on which house to buy (or whether to buy versus rent) can be a huge concern. Consumers frequently feel like they’re forced to make decisions faster than they’d like, especially if they’re trying to purchase or lease housing in an area with limited inventory. However, making the wrong decision can be costly, particularly in the case of a home purchase that ends up costing far more than originally anticipated.
With AI on their side, consumers can now sort through housing options with far more transparency. An AI tool can do more than merely locate available properties: It can drill down to compare each property against a checklist of buyer criteria. Additionally, AI software can play a predictive role, allowing homebuyers or renters to evaluate how buying versus renting will affect their long-term financial and investing goals.
Big decisions are always going to cause at least a bit of anxiety for most people, but they don’t have to be completely overwhelming. With a little support from AI, consumers can more effectively and confidently make the choices that may impact them for many years.
