Demystifying The AI Hype
The Technology Offers A Lot Of Potential. But To Unlock Its Value, Firms Will Need To Think Carefully About How Best To Implement AI Without Alienating Employees And Clients.
Wealth Solutions Report 3/17/25 (Written by Larry Roth, Co-Founder of Ascentix)
The wealth management industry has certainly embraced AI. According to a Wipro survey, 44% of firms have already integrated AI extensively into their operations. Extensive AI users predicted the technology would transform client relationships within two years of the report, which was released last September.
But like any new technology, the hype rarely matches reality. While AI does offer exciting possibilities, companies should not rush into the technology blindly. Firms should identify specific goals they want AI to solve, ensure the quality of data that powers AI, and provide protections for client privacy. In addition, companies should rigorously vet the myriad of AI vendors that claim their products can essentially perform miracles.