Skip to content

AI is ready to replace financial advisers. Three things you need to know

For a while now, naysayers are betting big bucks on AI toppling jobs. The field of finance is not spared from this scrutiny. AI’s ability to process much larger data sets then human minds gives it a clear edge. Since AI-advisory is already seen in the fields of wealth and investment management, the field of financial planning should be open to imbibe AI’s advantages too.

How will AI fit into the world of Financial Advisory?

Unlike banking features such as funds transfers, credit/debit card blocking and activation etc., the implementation of automated financial advisory, will depend on its ability to pass the hurdles of regulations. Among the risks identified in implementing automated AI is the fact that just like humans, automated AI will have to meet regulatory guidelines so as to ensure any risks to the customer are prevented. Sparebank 1 SR-Bank, counted among the largest Scandinavian savings banks, is currently upgrading Banki, its virtual agent in order for it to become the world’s first certified digital financial advisor.

A good Mix – Financial advisory with human touch

Financial advisers can add value to their regular jobs with the help of AI and deliver better results to the clients at much lower costs. What AI cannot add as yet to the field of Financial advisory can be done by the human touch for example being empathetic to clients, nuanced dialogues, trust and insight. So businesses must plan a good intermingling of AI with the personal touch and form their business modus operandi on the same for a win-win scenario. AI certainly adds value to the business and the future of all financial advisory businesses will depend on their ability and willingness to take the next step.

Conversational AI as the step forward

So how does a good automated or AI-based financial advisor work? Besides making the right calculations, it is also important for the AI to be foolproof. Risk management is a big challenge here. As we said earlier certified financial advice is a bit more complex. A person who is newly retired and is seeking advice on his retirement plan which involves his lifetime of savings will need a face-to-face advisor who can answer queries about averting risks, unforeseen expenditure and so on. The lack of these abilities can pose serious risk to the client’s finances and the company can even face the risk of legal action. We at Infinite Analytics make conversational AI handy with the use of advanced NLP and deep learning. The virtual agent can be given training to operate within pre-determined and specified guidelines, and be as efficient as a human advisor who does the same.

You can subscribe to our newsletter to know more

Video editing and film-making

If you have ever been in the business of video editing, especially when a famous celebrity was involved, and no matter how much you try to salvage the video, you cannot; deepfakes will help with that clip and your video will be made uninterrupted. Earlier, movie directors would spend millions on creating the perfect location for their movies. This is now achievable with a far lesser sum using deepfake and AI. Deepfakes can be real game-changers in film-making. Imagine new movies starring Charlie Chaplin opening to full houses. This, ofcourse, after all the copyright issues are taken into consideration..

How AI helped in completion of Beethoven’s unfinished 10th symphony

music lovers can rejoice as beethoven’s unfinished 10th symphony has finally seen the light of the day thanks to a brilliant semblance of artificial intelligence and human work.
know more

Delving Into The Wonder That is 3D Realism

a couple of weeks ago, the release of nike’s air shoe video made headlines. the shoe in question was not a real shoe but just a 3d ar object which would make the viewer believe it was a real shoe.
know more

The Story of Data with Kuntal Malia

searching through 1000s of options online or going to stores to find outfits you love is an endless process. stylenook eliminates this process through a hyper-personalised recommendation service
know more

AI helps in identifying those at risk of Sleep Apnea

in our last blogpost we discussed the potential role of ai in the study of sleep disorders. an ai project has found some factors that lead to sleep apnea in patients.
know more

wasim basir

marketing, board member

It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.

rich arnold

board member

Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.

pravin gandhi

board member

Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.

Purushotham Botla

co-founder & cto

Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.

deb-roy

Deb Roy

Executive Director, MIT Media Lab

Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.

Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.

Erik Brynjolfsson

Board Member

Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).

Akash Bhatia

Co-Founder and CEO

Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.