Wealthsimple lets clients link ChatGPT and Claude to their accounts

Wealthsimple, a Canadian financial technology company, says that from early 2027 its clients can connect their accounts to ChatGPT or Claude. Clients decide how much those tools can see. The move comes as some of the biggest banks in Canada and the U.S. are shutting outside AI tools out.

What changed

AI agents are semi-autonomous programs. They follow a client's instructions to look at bank accounts, transaction history and financial data, then comment on spending and investments. At Wealthsimple, connecting one will need client approval. Actions seen as more critical will need extra security checks.

ChatGPT and Claude are the only outside agents allowed for now. Wealthsimple is talking with other AI and technology companies, and is considering Meta, maker of the agent Muse, and Instinct, an assistant from Spear Street Technology. Senior product director Sam Newman-Bremang said, "It's a deliberate process. It's not a free-for-all."

Why banks are wary

Last month, Royal Bank of Canada, Bank of Montreal and Toronto-Dominion Bank said they had blocked outside AI agents from their digital properties. JPMorgan Chase, Bank of America and Morgan Stanley had already blocked or limited them. The banks cite data security.

Wealthsimple shares those worries. It warns clients not to give agents financial data through unsecure connections, including IDs, passwords and screenshots of their finances.

Meet Penny

Wealthsimple is also launching its own assistant, called Penny. Clients must opt in. Penny asks for confirmation before it moves money or makes trades. It can study a portfolio, spot goals and suggest steps. Told to top up an RRSP, a Canadian retirement savings account, by a set date, it would build a plan.

Wealthsimple says client data stays within the assistant and does not leave its platform. It also keeps an audit trail, a record of what data the assistant used and when.

What to do

• Use only the official connection your money app offers.
• Never give an AI tool your ID or password.
• Do not paste or upload screenshots of your accounts into a chatbot.
• Opt in only if you are comfortable, and share the least you need.

What is not known yet

The material does not say which other AI tools will be approved, or what the extra security checks will involve. It also does not say whether the big banks will change course.