Artificial intelligence will transform the industry for financial advisors.
AI is rapidly advancing and becoming integral to businesses. However, its successful implementation requires clear use cases, compliance, human oversight, and a supportive culture. While AI offers benefits like increased efficiency and growth, risks such as fraud, inaccuracies, and privacy issues remain. Human involvement and governance are crucial to ensuring the effective and safe adoption of AI.
Mike Byrnes, owner of Byrnes Consulting, spoke about how AI can improve sales and marketing at FSI’s OneVoice conference, which brought in almost 600 attendees to Dallas, Texas.
Watch a short video of some of the insights Mike shared with the financial services industry executives.
He also covered the AI sessions and wrote an article sharing what speakers gave for advice.
Read Mike’s Financial Advisor contribution for insights about using artificial intelligence in a financial services business.
Here are 18 AI tips businesses should consider:
- AI is going to do what humans can do, but better.
- AI adoption will greatly increase this year.
- Compliance might be the first barrier for companies to start using AI, but most do not know where to start.
- A good starting point is to establish governance around compliance and privacy.
- Train associates how to use AI.
- AI can improve other AI.
- It is good to know what AI is behind the AI being used.
- AI-generated transcripts and summaries of client conversations are useful, but need humans to review for accuracy, especially if they will be used for compliance records.
- AI is being used to create deep fakes.
- Videos can have replicas of actual people through AI.
- Voice can also be replicated, making two-factor verification necessary.
- Employees should be encouraged to use AI.
- AI can be used to increase business from clients.
- Do not allow ‘data leakage’ when using AI.
- A cross-functional team is needed to govern AI.
- AI can rewrite code, even for old legacy systems.
- With AI, a human element is always needed.
- Third-party firms can help better use AI while also increasing the speed of completing AI initiatives.
AI’s evolution in the financial services sector promises transformation, but experts agree that human oversight and clear governance are crucial to maximizing its potential. As AI continues to advance, the need for responsible and informed implementation becomes more urgent.
Need help getting started with AI? Need an insightful AI speaker?
Contact Byrnes Consulting for more information.
See pictures from Mike’s trip to OneVoice on Byrnes Consulting’s Facebook page.
