Will Artificial Intelligence replace financial advisers?

Artificial Intelligence (AI) technology is being adopted in many industries in New Zealand, including healthcare, finance, agriculture, and transportation. AI is being used in New Zealand to improve the agricultural sector's efficiency, develop new financial products and services, and provide better healthcare to patients. AI is also being used in New Zealand to help improve the accuracy and speed of decision-making in various industries and automate many routine tasks.

As AI technology advances, we will likely see even more widespread adoption of AI in New Zealand and other countries worldwide.

One example of a New Zealand company using AI is Fonterra, the world's largest dairy exporter. Fonterra is using AI to improve the efficiency of its dairy farming operations. The company is trailing an AI-powered platform that uses sensors and machine learning algorithms to monitor the health and productivity of cows. The system collects data on factors such as a cow's activity levels, eating habits, and milk production and uses this information to optimise the cow’s health and diet. This has the potential to help Fonterra to increase the efficiency of its dairy farming operations, reduce costs, and improve the quality of its products.

The financial advice sector is no exception. One recent development that has caught the attention of many is the use of large language models like ChatGPT to offer an alternative to human financial advisers.