The impact of Artificial Intelligence on client service

Andrew Herberts, Head of Private Client Investment Management (UK) at Thomas Miller Investment said financial services should be looking at the impact Artificial Intelligence (AI) will have on client service. 

AI is here to stay, and may well be to the professions in the current era what the introduction of robots was to the manufacturing industry in the latter part of the 20th century.

However, as was the case with robotics in the industrial evolution, we are far from displacing all human input.

AI will be, and is, able to process large amounts of data far better than humans. It takes emotion out of decisions and is therefore, subject to programming parameters, consistent.

However, as currently configured, AI will fall short in reacting to new information, proposing novel solutions and be unable to deliver the empathy and understanding that some complex client interactions require.

The wealth and investment management industry is already seeing the inroads of robo-advice into financial planning and, to a smaller extent, investment management.

My contention is that we should embrace rather than fear it.

Our profession needs to understand what AI can deliver, where it can add value and then use it as something with which we can deliver better outcomes to clients at lower cost.

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Head of Private Client Investment Management (UK)

 

Article first appeared in:

FT Adviser (14th June 2018)

 

The opinions stated are those of the author and should not be taken as investment advice.  Any recommendations may not be suitable for all, so please contact your financial adviser for further guidance.

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