Q: Do you think we will start to see financial services firms extending these AI and ML tools for customer use?
A: It’s a journey. I think as we get more financial services firms building out their foundations and they’re able to generate more confident, validated, explainable insights, there will be opportunities to expose more and more of that to their customers. I think the priority right now is to use AI and ML to scale employees, to make them more productive, and to increase their bandwidth, giving them knowledge to service customers better and faster. That’s the more common business case that we see. For example, using data to power dashboards that a wealth manager or customer services rep can use to see recommendations, filter them, and advise the customer better. My colleague Sasha explored the real-world use cases that demonstrate the potential of AI in her recent blog post.
Q: How important is the quality and structure of your data foundation when it comes to implementing AI and ML tools?
A: It’s critical. The more we’re talking about making recommendations—especially numbers-based recommendations—the more important it is that you have a data foundation composed of trustworthy, harmonized data. There are some sectors and areas where, if your data isn’t quite right, there is more flexibility and less risk.
In the space of advising someone on what to do with their life savings, you need a very justifiable, explainable recommendation. Your data foundation has to be incredibly robust. And again, the more you’re building something that goes directly to the customer, the more risk that you have. The more that you're building something that goes to an employee for review, the less risk that you have. And we'll slowly move along that spectrum over time with more direct exposure to the customer.