Lee Majors' and Lindsay Wagner's bionic man and woman television characters may have been science fiction in the 1970s. Today, that core idea of machine empowering humans can become a reality for high performance businesses, as Actionable Science Co-Founder Manish Sharma discussed during a panel discussion with a group of wealth management thought leaders at the recent Financial Innovations & Payments Summit in Newport.
Some of the best applications of artificial intelligence technologies are those that are helping humans do what they do best while focusing machines on the tasks where they will have the most efficiency.
As the panel and the audience discussed, the wealth management field is a perfect environment for application of emerging artificial intelligence technologies -- if done in a way that helps improve human effectiveness while fixing back office inefficiencies.
Client expectations in wealth management are high, so advisors must perform at peak levels. Advisors have to form strong human connections, be proactive, and have the best analysis and creative solutions to meet clients' needs. Their work has to be based on the most current data, a robust knowledge of a myriad of products, and an up-to-the-minute 360 degree view of the clients' financials.
Not easy, right? This high caliber of performance absolutely can be achieved when humans and machines work together - each focusing on what they do best.
Along with our clients and partners, we're already implementing applications where virtual people (bots) take care of routine information gathering from core banking systems and basic analysis for clients to free up humans for more value added work -- as well as Robotic Process Automation projects connecting disparate systems for better consistency and use of data. So, we know the reality of a bionic wealth advisor won't be far away!