‘Productivity boost – the power of artificial intelligence (AI) on processes’, the fifth panel of the day, led by Rob Tedder, Account Manager UK at Conquest Planning, and facilitated by Ben Wright, Director of Progress at Change Squared, looked at the implementation and potential of Artificial Intelligence (AI) in wealth management.
AI could be a significant enabler of efficiency in a variety of spaces, and what panellists all agreed on is that it would never replace the adviser. However, the role is likely to evolve with lower-value services becoming automated, freeing up the adviser to spend more time on higher-value activities.
Missed the event? Access our full summary paper here!
Another point of discussion during the session was sharing data with third-party AI systems and the concerns generated around security and privacy. As regulation around AI is still emerging, the landscape is still evolving. Consequently, there are mixed levels of adoption, with user education and securing buy-in being a challenge. Data governance policies regarding the use of third-party AI systems are, therefore, a must.
Indeed, leveraging AI requires a deep understanding of existing processes, but AI capabilities will continue to advance rapidly. Key milestones will be AI being adopted and used invisibly and exceeding human abilities in niche areas.
You can access the full output paper here.
If you want to participate in the next WealthTech Matters, you can access Owen James Event’s calendar here.
About WealthTech Matters
Owen James and The Wealth Mosaic have collaborated to create a series of triannual events for key decision-makers from the private wealth industry.
Technology is core to the future wealth management model, but in an increasingly specialist technology environment, wealth managers must engage with a deeper knowledge and understanding of what technology is available and can deliver across the three main areas of their business: their clients, their advisers and staff and their business processes.
WealthTech Matters focuses on these three themes to help delegates discover and discuss the technology solutions that will solve the key challenges facing their business.
About Owen James
Owen James seeks to provide a platform for strategic engagement: an opportunity for key individuals to discuss and understand the business and investment issues which are affecting the whole of their industry. The end game is to enable firms to do better business - commercially, intelligently, and ethically.
Find out more at www.owenjamesevents.com Owen James seeks to provide a platform for strategic engagement: an opportunity for key individuals to discuss and understand the business and investment issues which are affecting the whole of their industry. The end game is to enable firms to do better business - commercially, intelligently, and ethically.
Find out more at www.owenjamesevents.com
