AI and machine learning continue to drive innovation in a variety of sectors across the business world. Financial services and asset management organizations increasingly understand the need to leverage AI to build (or maintain) an advantage in a competitive industry.
Those firms late to this game simply get left behind. Knowing how artificial intelligence is making a difference in the financial world is vital for any tech professional working in that space. Here are a few insights on the impacts of AI in this business sector. Leverage them for a better understanding of this disruptive technology.
2 Items at the Leading Edge of the Fintech Industry
Wealth Managers see AI as an Opportunity
A recent Thompson Reuters report queried wealth managers working in the financial industry. Over 70 percent of those surveyed feel artificial intelligence offers a great opportunity to forward-thinking financial and asset management companies. One obvious application involves using AI to enhance the investment decision-making process.
David Akellian, managing director and global head of Wealth Management at Thomson Reuters, commented on the report’s findings. “The industry challenge and the opportunity, is helping ensure that wealth firms and their advisors are better equipped with the AI, advanced analytics, insight and technology necessary to meet their clients rapidly evolving investment and service needs,” said Akellian.
Additionally, financial advisors expect to use machine learning routines to better understand their clients’ needs. They plan on this added boost from AI allowing them to serve a larger number of customers. AI-driven analytics also improves investment decisions, as noted earlier.
AI is improving Customer Service in Asset Management
A recent report by Deloitte notes customer service as another area where artificial intelligence is making inroads into financial services. AI-powered chatbots bring the ability to interact meaningfully with clients without taking time away from an employee. The report does comment that millennial customers are more amenable to chat-based service compared to those from the “baby boomer” generation.
This improved approach to customer service also enhances the personal interactions between advisor and investor. AI performs some of the heavy lifting with the analysis and investment advice, allowing for more time to be spent with customers to truly get a feel for their personal hopes from investing. Better communication tools and improved decision making summarize the growing impact of AI on financial services.
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