AI to the Rescue on Everyday Tasks

Robo-advisors, which use artificial intelligence to make investment decisions for clients, are potential competition for many flesh-and-blood financial advisors. But other types of AI might soon become advisors' best friends, writes Financial Advisor IQ. Banks are leading the AI trend, but wealth management firms, too, can benefit from incorporating the technology, particularly when it comes to automating mundane tasks that can be performed as well--or better--by an automated system. The idea is not to replace advisors or advisory staff with technology, but to use technology to free people to perform higher-value functions. Thirty-two percent of companies in the financial-services space are using AI for predictive analytics, voice recognition and response and recommendations, Financial Advisor IQ reports, citing a study by the National Business Research Institute and Narrative Science.