Digital services challenge advisers – and create an opportunity
Artificial intelligence is moving rapidly into financial services. Tasks that once appeared to require human expertise can now be handled, at least superficially, by an online system.
The question for advisers is not simply how far artificial intelligence will reach. It is also whether the advice profession can define and demonstrate value in areas where automation remains weak.
A hierarchy of financial advice activities helps explain the challenge. The lower levels – such as accessing prices, product information and basic comparisons – have been contested by online services for some time. Yet after many years in the market, online services remain relatively niche, albeit growing.
Providing information alone does not appear to capture a large share of the market. AI may change that because it can engage in a conversation that at least sounds a lot like advice.
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