PIMFA
AI: Evolution, Revolution or Devastation?
As part of our most recent Leading Lights forum Committee, one of the teams investigated the impact of AI on the industry.
- KEY FINDINGS FROM THE REPORT:
- Strategy & Implementation of AI in financial advice – Paramount to the success of AI adoption, the identification of the right problem and the right solution begins at this stage.
- Human Intervention – Demand for human interaction remains, especially at ‘moments that matter’. People value accuracy, quality of advice and trust above all which AI cannot deliver on its own. AI is a tool to augment rather than replace the adviser
- Ethics – Without a strong governance framework to underpin your AI adoption and implementation, both business and client outcomes will suffer as a result
- Opportunity – Understanding the desired outcome, identifying the right solution and deploying it for the right target market, will enable success with a specific focus on identified opportunities within the fragile decade and the wealth accumulators.
- AI isn’t a one size fits all solution. To achieve positive outcomes for both businesses and clients, firms must identify the AI solution that best fits their strategic vision. Businesses should look to use AI to revolutionise operations, evolve existing skillsets and avoid actions that could lead the industry into devastation
