With artificial intelligence (AI) dating back to the 1950s, the technology is nothing new in the world of financial advice, however, its use has increased in recent times, with many industry professionals feeling the strain of being left behind in a technology-led world. Sahar Nazir talks to firms to find out how AI is being implemented and if the tech is revolutionising financial planning…
Back in 2017, the UK government released an independent report which outlined plans to "supercharge" the AI industry. The report explained how AI can bring benefits to the UK with industries being encouraged to work together. It is no secret that in financial advice, some of the benefits of using AI include reducing the time it takes to complete administrative tasks, recording meetings for more detailed information, the potential to reduce costs over time, analysis of trends, and personalisation in financial plans. Advisers still ‘at the start of the AI journey' Fintech company FIS ...
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