March 18, 2020
With the constant progress of AI chatbots and their impact specifically on the financial sector, there is a concern surrounding the automation in financial services. More specifically, if specialized jobs, such as financial advisors will be replaced by machines.
The word ‘machines’ is quite sharp and may bring up images of literal robots. On the contrary, the machines in question are AI programs that are able to do a range of functions that human counterparts can do as well, if not better. Even though some may be worried about this progression, it’s not actually doom and gloom for jobs.
AI can be used to gather a range of in-depth information on investors in order to accurately look at their financials. These systems are able to look at an investor’s social media profile, spending habits, portfolio, and a range of other data. From there, a profile can be created on the investor, which is where the financial advisor would come into play.
Financial advisors can use this information to create accurate investment options for investors and bespoke product offerings. This mitigates the need to lump customers into set boxes, which can, in turn, push those people away as the advisor may not know what they’re doing. Overall, this creates a far better offering from financial advisors.
Another use for AI is that of chatbots. Similar to systems used by Facebook and other corporations, chatbots are able to bolster customer service to investors. Systems, such as Clickatell Touch, are able to field multiple customers at a time when answering questions. This not only stops the investor from being on hold and having to wait to be helped, basic questions that would otherwise take up a financial manager’s time are also easily fielded.
Making use of machine learning technology, Clickatell Touch is also able to learn from its interactions. This means that over time it will adapt to common questions and be able to correctly help clients with more complex ones as well. If there is a point where the chatbot is unable to help, it is able to forward the investor to a financial advisor who can help and would ultimately have a far wider knowledge than the chatbot.
Chatbots are also able to set up client profiles by asking a range of questions to users, such as their age, area, and the kind of investments they are interested in. This would then mitigate the amount of time that financial advisors would need to take asking the same questions. This hugely aids the automation of financial services.
AI systems are fast becoming assets to financial companies. Banks, for example, pour copious amounts of money to invest in AI systems. These programs are able to help banks restructure their business models and streamline core processes.
Apart from speeding up operations, AI is able to consume mass amounts of data and generate profiles and reports on different companies and investment options. Asked for raw financial data, AI systems can scan news articles, social media mentions, and blog posts in order to assess stock and product data.
These systems should not be seen as replacements for staff members, but rather additions to the company as they’re able to offer services that their human counterparts either couldn't do, or free up valuable time for other tasks.
If you are interested in an AI chatbot solution for your financial company, take a look at the Clickatell Touch chatbot solution. Touch is able to field client questions, learn from interactions, and ultimately assist your financial advisors.