“They may not have said it verbatim, ‘buying a home,’ but that’s where they’re headed, and this is an opportunity for an advisor to discuss the options with the client.”
McLaughlin says this use case does not imply simply an automated message with a suggestion or an automated action such as selling off stock. Instead, the AI tells the advisor they should start a workflow, and the advisor then chooses whether to continue or not.
The Bottom Line
Artificial intelligence can sound frightening at first—perhaps because the average person’s only experience with AI is seeing malfunctioning and dangerous androids or robots in movies such as I, Robot. The truth is, applying AI technology to industries is currently, and will continue to, help millions of people across all industries. In the financial world, advisors and financial professionals are slow to embrace change because of the sensitive nature of their job—dealing with other people’s money. However, examples such as Redtail will eventually win people over.
About
Brian McLaughlin is the CEO of Redtail Technology, a provider of CRM solutions for financial services firms. It handles specific challenges like log reporting, filing changes, and data synchronization. The firm recently launched its artificial intelligence solution as well as compliant texting platform, Redtail Speak.
Vasyl Soloshchuk, CEO and co-owner at INSART, FinTech engineering company. Vasyl is also the author of WealthTech Club, which conducts research into Fortune and Startup Robo-advisor and Wealth Management companies in terms of the technology ecosystem.