Artificial intelligence (AI) is impacting numerous industries, including financial services, where it offers potential increases in efficiency and potential enhancements in capabilities for financial institutions in banking, capital markets, insurance and payment processing.
Another of AI’s potentially transformative effects is how it can help people with their financial planning. Many financial planners have integrated AI into their business, using it for services such as client communications, marketing and tax planning. But as helpful as AI can be, it shouldn’t replace your financial adviser. Using AI in finance may also present some risks and negatives, and it’s important for consumers and businesses to evaluate the pros and cons of the technology’s use — which also emphasizes how vital the adviser’s role still is.
