The impact of Artificial Intelligence on client service
- Date: 14/06/2018
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.
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.
Clients are advised that the value of all investments can go up as well as down. Any past performance or yields quoted should not be considered reliable indicators of future returns. Opinions, interpretations and conclusions expressed in this document represent our judgement as of this date and are subject to change. Furthermore, the content is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or a solicitation to buy or sell any securities or to adopt any investment strategy.
Thomas Miller Investment is the trading name of the businesses in the Thomas Miller Investment Group. Thomas Miller Wealth Management Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register Number 594155). It is a company registered in England, number 08284862. Thomas Miller Investment Ltd is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 189829). It is a company registered in England, number 2187502. The registered office for both companies is 90 Fenchurch Street, London EC3M 4ST. Thomas Miller Investment (Isle of Man) Limited is licensed by the Isle of Man Financial Services Authority. It is a company registered in the Isle of Man, number 48181C. The registered office is Level 2, Samuel Harris House 5-11 St Georges Street, Douglas, Isle of Man, IM1 1AJ. Thomas Miller Investment is a registered business name of Thomas Miller Investment (Isle of Man) Limited. Telephone calls may be recorded.