AI fits with financial services: 72% of advisors leverage artificial intelligence
Generative AI has been extremely successful in financial services practices, with a large majority of advisors reaping the benefits of AI tools and programs, according to a new MDRT study.
The future has arrived for the use of artificial intelligence in the financial services industry. More than eight in 10 U.S. advisors say they use generative AI for at least one professional purpose, according to research by the professional association Million Dollar Roundtable.
“As generative AI continues to be a popular tool across professions, many financial service professionals are following suit and taking advantage of its capabilities,” according to the research report. “When it comes to how these programs are used in financial services practices, the majority of American financial advisors and insurance agents have at least some knowledge of how they can leverage AI in their practices.”
Specific ways AI is being used include:
- Employee onboarding, 45.5%;
- Processing employee or client data, 41%; and
- Client communications, 40%.
More than 94% of advisors have at least heard of generative AI, and 64% say they know how it works. Male advisors (90%) are more likely than their female counterparts (72%) to leverage AI. As might be expected with new technology, more than half of advisors who are actively using AI have been doing so for less than three months. Among those currently not using it, half say they are at least somewhat likely to learn how to do so.
“Generative AI can be a beneficial tool to help professionals with countless processes,” the report said. “It is important for financial services professionals to take advantage of their resources and use them as steppingstones for growth. By tapping into their digital capabilities and making use of generative AI programs, financial advisors will be in a great position to continue serving their clients while staying on top of developments.”
Putting generative AI to use will become imperative, if it is not already, MDRT President Greg Gagne said.
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“In the midst of such a digital era, it is important for financial services professionals to be at the
top of our game when it comes to technological developments,” he said. “Learning to work with generative AI programs will differentiate advisors who will continue growing with the current trends and those who may struggle to pay catchup.”