The main novelty of this paper is proposing artificial intelligence (AI) to manage behavioural biases in the financial decision-making process. An empirical study by Kahneman and Tversky identifies the evidence of behavioural biases in the investment decision-making process: a reversal of an established tenet in traditional finance. Financial planners are vulnerable to behavioural biases and are therefore unable to provide optimal investment solutions for their clients. Identifying the limitations of current practice, this research attempts to address how AI can help financial planners in subduing their behavioural biases and proposes the adoption of AI in financial planning services to circumvent behavioural biases. In recent years, AI has attained significant efficacy and has proven to be efficacious through supervised and unsupervised learning. Applying these AI techniques in mitigating behavioural biases, this study confirms that the backpropagation within the neural network and deep reinforcement learning can help overcome confirmation and hindsight biases.
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