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Artificial Intelligence (AI) tools are no longer a futuristic idea, they are extremely powerful and used in many different services whilst being developed at a rapid pace.
One industry that has seen an influx of new startup companies in the past eighteen months, looking to attract new clients by demonstrating AI's revolutionary capabilities, is Financial Services.
Here at Crowe Financial Planning UK Limited we have kept a very close eye on the market development at the same time giving thought to how AI could compliment the service we deliver to clients.
We have identified four key areas where we believe AI has the potential to support how we operate as a business and further elevate our service.
In the current age, where technology is transforming rapidly, in the Financial Services industry we are seeing an increased demand for a fast, streamlined, and error-free experience.
AI has the potential to help Crowe Financial Planning UK Limited adapt how we deliver service by catering for all the different types of client requirements that we witness.
Our key driver is how we continue to deliver a personalised client experience and striking the right balance, where technology supports this delivery, is vital.
Fraud is a persistent threat in the Financial Services industry, impacting both clients and service providers. Traditional fraud prevention methods are often slow at detecting threats due to the constantly evolving tactics of fraudsters.
One of the key strengths of AI is that it can analyse various transactions in real time rather than it being analysed after the event has taken place. It can then highlight any fraudulent activity where AI systems can learn and adapt to stay ahead of fraudsters, providing vital defence against fraud.
This is an area that Crowe Financial Planning UK Limited views as a critical part of our service offering for clients to know their personal information/data is in safe hands.
As you will be aware the Financial Services industry is highly regulated and with that there are complex processes and procedures that must be adhered to. This does make it challenging to provide a streamlined service to clients with various forms/paperwork required to complete, sometimes even for the most basic of requests.
The new AI tools being developed in Financial Services are looking to help automate tasks, whether this be data entry on forms to the essential compliance checks.
By reducing the level of re-keying of data and automating identified activities within our service offering, we feel there is the opportunity to free up valuable time for colleagues to provide a more personalised service whilst achieving operational efficiencies.
To this end, Crowe Financial Planning UK Limited has partnered with Saturn AI to focus on the key area of transcribing meeting notes for both client facing and non-client facing meetings.
The Saturn AI tool allows our consultants, to focus on their discussions with clients with the knowledge that the meeting notes are being captured in a detailed and accurate manner to enable an effective and efficient meeting follow up process.
Crowe Financial Planning UK Limited is committed to providing the best possible service tailored for the individual needs of our clients. We are aware some clients will always prefer in person meetings and others will be comfortable with these being held virtually.
While AI will undoubtably help enhance the future delivery of our service, the personal interaction with our clients from the team here at Crowe Financial Planning UK Limited will always remain a vital part of what we provide.
DisclaimersCrowe Financial Planning UK Limited is authorised and regulated by the Financial Conduct Authority (‘FCA’) to provide independent financial advice. The information set out on this page is for information purposes only and is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. It does not constitute advice to undertake a particular transaction. Appropriate professional advice should be taken on specific issues before any course of action is pursued. Any advice provided by a Crowe Consultant will follow only after consideration of all aspects of our internal advice guidance. Past performance is not a guide to future performance, nor a reliable indicator of future results or performance. The value of investments, and the income or capital entitlement which may derive from them, if any, may go down as well as up and is not guaranteed; therefore, investors may not get back the amount originally invested. The Financial Conduct Authority does not regulate Trusts, Tax or Estate Planning.
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