Artificial Intelligence and Financial Counseling: Do Institutions of Higher Education Embed Chatbots in their Financial Wellness Websites?

Abstract

This brief makes a timely contribution to the literature by accomplishing three objectives: Understanding how many and which kinds of institutions publish financial wellness information on their official .edu website. Understanding whether institutions embed AI chatbots into these financial wellness websites. And understanding whether these AI chatbots are online and available to Internet users during normal local time business hours (9:00 AM to 5:00PM). This brief builds upon HEFWA’s foundational work by exploring the presence of AI chatbots on institutional financial wellness websites. This work will help financial wellness practitioners and students understand whether institutions are leveraging emergent AI technology and how financial wellness programs can leverage this technology to render financial wellness operations more efficient and responsive for college students.

Keywords: higher education, financial planning, financial counseling, financial wellness, college students, artificial intelligence, chatbots, college, university, postsecondary, technology, Internet, websites, financial literacy, financial education, personal finance