In her speech on a T3 panel featuring women in Fintech, Burns mentioned that the financial services industry should become a more diverse and inclusive place. This is where artificial intelligence (AI) can help. For example, AI programs can help candidates check whether the company’s language in job postings is welcoming.
Danielle Fava, director of innovation at TD Ameritrade Institutional, talked about AI that automatically reviews resumes to filter out bad applications and spot potentially good hires. Such algorithms could save time and reduce cost per hire, which is extremely relevant, considering the exacerbating tech talent shortage problem.
At T3, AI was discussed as a technology that can reduce time spent on mundane tasks within financial planning processes. FP Alpha, a new AI-powered technology solution for financial advisors that was presented at T3 by Andrew Altfest, is designed to integrate AI algorithms into the financial planning process and enable advisors to save time and scale while adding more value to client relationships.
BOTTOM LINE: the T3 conference unveiled new trends in the wealth management industry. Today, advisors are looking for ways to save time required to efficiently provide their services. All new integrations and tools launched by wealthtech companies aim to help advisors achieve this goal.
Vasyl Soloshchuk is CEO and co-owner at INSART, a FinTech engineering company. Soloshchuk is also the author of WealthTech Club, which conducts research into fortune and startup roboadvisor and wealth management companies in terms of the technology ecosystem.