The tool, which is already in use by about 600 staff members, gives advisers answers to questions such as "Can you compare the investment cases for Apple, IBM and Microsoft?" and follow-ups such as "What are the risks of each of them?" An adviser can ask what to do if a client has a potentially valuable painting -- and the knowledge tool might provide a list of steps to follow, along with the name of an internal expert who can help. "What we're trying to do is make every client or every financial adviser as smart as the most knowledgeable expert on any given topic in real time," said Jeff McMillan, the head of analytics, data and innovation for Morgan Stanley Wealth Management. This could be due to a conflict with your ad-blocking or security software. Please add japantimes.co.jp and piano.io to your list of allowed sites.

Think about the most common reason you find yourself reaching out to customer service in banking: it's rarely good news. Much of the time it's to resolve a problem, and you're likely not having a good customer experience. As much hype as there is on how traditional banks are "behind the times" in implementing technology to improve customer experience, I don't think full-on artificial intelligence-powered chatbots are necessarily the answer. Here's an example: Recently I received a text from a fintech P2P player regarding a password change I had not requested. I immediately was alarmed, since that is a red flag that someone is trying hack my account, and this account is directly linked to my Chase checking account.

One of the most promising and closely followed areas of fintech in recent months has been the application of artificial intelligence to deliver personalized financial services. Such solutions, often referred to as ChatBots or robo advisors, offer a rare opportunity to transcend hyperbole and truly transform the provision of financial services. Consider retirement planning and investment advice, areas to which such solutions are frequently connected. It's no secret that a disturbing percentage of Americans have insufficient savings to cover their post-earning years. This is likely the No. 1 area where financial institutions could step up to improve their customers' financial lives.