Wealth Managers Are Better at AI Than They Think

Accenture interviewed 100 C-suite executives in wealth management last year and found many are skeptical of artificial intelligence. Eighty-five percent said its impact is "more hype than reality for businesses today." Still, 60% of them are already using AI in their organizations and they're doing it so well that other industries could learn from them, according to a new report. "Understanding the application of AI to business requires an understanding of context -- strategy, customers, company culture, and so forth. One application worthy of study across organizations is wealth management," Babson College professor Tom Davenport and NewVantage Partners founder and CEO Randy Bean, wrote in the MIT Sloan Management Review.