Customisation and larger datasets
Advisers at the largest companies have access to in-house analysts and market commentary. What they may not have is the ability to use datasets behind this analysis to apply it to the particular needs of an individual.
While previously it may have been possible to share a report on the mid-term outlook for the European bond market, now it should be easier to compare the effect of various scenarios on a portfolio.
As a result of Gen AI, a larger number of qualitative and quantitative data points can be processed, and that data can now be analysed faster than ever before and turned into usable, understandable text.
By taking years of raw historical data for a client and comparing it with relevant data, a financial adviser can generate a tailored investment portfolio by analysing and comparing that raw data using Gen AI.
There is a cliché that comes with technological development: that technology will not replace humans, but instead will allow them to focus on the more important, more creative parts of them.
This is an oversimplification — some roles will inevitably be eliminated by advances and new procedures.
But for financial advisers, this cliché largely feels true. This is an industry that has had a series of overlapping crises, from rising costs to falling fees and greater expectations.
Gen AI promises to help them deal with these issues and ultimately create a better experience for clients.
Ryan Cox is co-head of AI at Synechron
