When Apple launched Siri for iOS in 2011, most people got their first taste for the experience of using artificial intelligence (AI) in their daily lives. Since then, AI has become increasingly ubiquitous. If you drive a smart car, own an Amazon Echo or use services like Spotify, Pandora or Netflix, you are actively engaging with some iteration of AI technology. So how does AI apply to the funds sector? While robo-advisors tend to dominate the conversation on AI’s role in finance, there are many other applications. Here’s how three firms are using AI to improve their customer experiences:
1. Facial Mapping with UBS
In what is perhaps the most ambitious application of AI by a fund firm, reports indicate that UBS is testing a tool that monitors facial cues that clients make when they are viewing a financial planning video. The firm hopes that measuring the emotional responses that are conveyed through facial expressions will help them better gauge their clients’ true investing goals. AI is a core focus of the firm, and it’s The Evolution of Artificial Intelligence microsite provides a deeper dive into topics surrounding the technology’s future.
UBS The Evolution of Artificial Intelligence
2. Vanguard Voice Recognition
The Vanguard Voice Verification system is a unique offering that uses voice recognition technology to verify a client’s identity. Clients can use the service when they are locked out of their account or wish to conduct a basic transaction that would typically require them to supply a signature. For example, instead of filling out a traditional form when wiring money between banks, clients can complete the transaction via the recognition system instead, expediting the entire process.
Vanguard Voice Verification
3. Customer Support from Fidelity
Fidelity’s Customer Service offerings include a chat feature that extracts information from the investor site and presents it back to the user. Responses often include links directing viewers to pages providing more comprehensive details. Automated customer service systems are often hit or miss depending on the strength of their natural language processing capability, and from our experience Fidelity’s feature does an effective job of handling basic inquiries.
Fidelity Customer Service Dialogue
What’s next for AI? Corporate Insight expects to see algorithm-based machine learning as a trending topic among the funds industry. We anticipate firms to employ the technology for data mining, pattern recognition and security purposes… and beyond.