As more than 50% of businesses worldwide are already leveraging ChatGPT, the adoption of artificial intelligence (AI) for enhancing business processes is growing rapidly. What’s astonishing is that ChatGPT is not only capable of performing tasks previously thought to be exclusive to humans, but it often surpasses human abilities, setting new standards in efficiency, time, and cost.
Wealth and investment management firms, which continually grapple with compliance obligations, are now also recognizing the cumulative benefits of implementing process control systems. These systems improve productivity and reduce the risk of errors by tightening up a firm’s overall processes, leaving nothing to chance. Control systems proactively detect and prevent issues, relieving humans from being overwhelmed by vast amounts of data or tedious repetitive tasks. In essence, control systems comprise inputs (sensors), control functions and calculations, and outputs (actuators). Nearly every service business operates a control system, whether human, systemized, or a blend of both.
Historically, the challenge has been leveraging and implementing AI and control systems in businesses that tailor experiences to individual clients. This task has typically fallen on client servicing representatives with extensive training and knowledge—often expensive resources better utilized for directing and commanding rather than delving into complex decisions.
Imagine combining AI capable of assessing each client’s investment portfolio against their specific mandates with firm research, creating actuator prompts that can detect and prevent potential issues. Now, envision a control system that performs these functions continuously, offering alerts and client-specific recommendations across the entire business, 24/7. The increased productivity, informed client advisors, and reduced overhead costs is already revolutionising the industry. Businesses that fail to embrace this new world run the risk of becoming uncompetitive or operating with reduced efficiency.
The integration of AI, particularly when combined within a framework of control systems, presents a new level of business productivity akin to the transformative effects of the internet and email. To discover how Financial Simplicity can help your wealth and investment management firm embrace this groundbreaking technology without drastic changes to your current operations, contact us here. Once there it is hard to go back.