So You Work in Wealth Management? Meet Artificial Intelligence, Your New Workmate.
I was watching the Today show on Channel 9 on Monday and there was a story which related to the recent interview of Elon Musk where he warned that artificial intelligence is one of the biggest risks to face civilisation. To be honest, and armed with the Terminator movies as a point of reference, I’d be surprised if we got ourselves as a civilisation into that kind of predicament.
But it’s hard to argue with his comment that artificial intelligence (AI) will be better than the human brain by 2030 – 2040. AI has already been applied to specialised areas in health and today it’s a leading expert in the field of Oncology. What’s interesting is that for now, AI’s place in the world is largely as a decision support tool. So in the case of Oncology, AI provides clinicians with evidence-based treatment options with the human (for now) selecting which treatment option to pursue.
Given BTP’s focus on Banking, Financial Services and Insurance, we’re interested in what inroads AI is making into those industries. For example, we’ve heard a lot of chatter in the market about the use of AI by financial advisers as a point of differentiation, but often it’s talked about as something that will exist out in the future. The good news is that AI has already been applied to Wealth Management as a decision support tool and it is available as a semi-off-the-shelf solution right now.
Where this starts to get really interesting is when you combine a technology like AI with process and case management solutions and move towards the streamlining of processes like the Statement of Advice (SoA) annual review. Of course there’s much more on offer than that, but I’m sure those in wealth management would jump at the opportunity to streamline and make more effective the annual SoA review process.
If you haven’t seen an AI solution working in Wealth Management, give me a call as I think you’ll be pleasantly surprised at how advanced these solutions are.