In today’s competitive business landscape, brand loyalty plays a crucial role in the success and growth of any company. As technology continues to evolve, artificial intelligence (AI) is emerging as a powerful tool that can enhance everyday activities and tasks, ultimately leading to improved client retention. By leveraging AI, businesses can create interactive experiences, automate daily tasks, and overcome various challenges. I was fortunate to attend the fireside chat at TSAM London earlier this year, and then followed it up with some questions for Hazel Pitchers, founder of Merakiting Ltd, a marketing and communications strategy consultancy and former Chief Marketing Officer from a number of financial services firms, to get some practical tips for utilising AI effectively but also to consider the risks.
How is the landscape of investment management evolving in response to the surge in AI technology, particularly with the introduction of Chat GPT?
With the launch of Chat GPT, AI has had a resurgence of popularity in the last year, particularly around Generative AI technology, with a particular focus on the marketing and client servicing space. Often, we are not the early adopters of technology in the world of investment management, but now is the time to investigate what these tools can provide, with some companies already exploring these avenues:
- Personalise client experiences. Generate client pleasing automated emails and determine when the right time is to send those emails.
- Streamline routine tasks. Use intelligent automation that can streamline routine tasks like onboarding, data analysis, and research.
- Report generation. Write a first draft of a factsheet commentary.
- Predictive analytics. Use data about the customer to identify other products and funds that they may be interested in because of what they have been searching and looking for on your website. Serve users with suggested content at the right time.
- Continuous learning. Use AI to scan all client and prospect notes by analysing client feedback in CRM systems and allowing sales teams to look for trends/keywords that might indicate buying signals or show that the mandate or relationship is at risk. Chat GPT can also gather and summarise market data and industry trends that you have.
- Compliance. Tools like Redmarker enable robust end to end compliance workflow with functionality and audit reporting. You can programme all the regulatory rules for financial promotions alongside fund risks, global disclaimers, SFDR and any proprietary terminology that your firm thinks would be inappropriate. At the touch of a button, marketers, client service professionals and sales can get a first line compliance review, the document is scanned based on your selection criteria, country, and audience.
- Bring abstract concepts to life. VR/AR allows you to bring portfolios to life for client with immersive experiences like virtual tours of investment portfolios, simulating market scenarios, or offering educational content in a visually engaging manner. Making complex financial concepts more accessible and enhancing engagement.
These are all tasks that allow better personalisation and increased relevant, timely marketing and communications and create efficiencies. They can help take some of the pain away for existing employees.
AI can also significantly improve daily tasks and activities within organisations. For example, ChatGPT can be utilised to generate first draft content, proofread articles, translate into different languages, and to help structure meeting agendas. By automating these tasks, businesses not only save time and resources but also ensure greater efficiency in their operations.
AI can handle repetitive and time-consuming tasks, allowing employees to focus on more strategic and creative aspects of their work. This improved productivity and streamlined workflow contributes to better customer service and ultimately enhances brand loyalty.
How can asset management companies ensure that their use of AI does not compromise the trust and loyalty of their clients?
While the potential benefits of AI are vast, it is essential to acknowledge the challenges that come with its implementation. Companies and users must be mindful that AI algorithms require rigorous testing to ensure accuracy and reliability. AI systems need to comprehend and respond accurately to natural language inputs, address concerns related to misinformation, intellectual property rights, and security, and deliver reliable outputs.
It is crucial to approach AI implementation with a thoughtful strategy and a thorough understanding of its limitations. AI should be viewed as a tool that complements human efforts rather than replacing them entirely. By striking the right balance between AI and human capabilities, businesses can harness its potential to foster brand loyalty effectively.
- Human oversight and expertise
Clients should be assured that AI is a tool used by professionals, and human judgment remains a critical component. - Continuous education and communication
Companies should proactively communicate with clients, explaining how AI is used, its potential impact on investment strategies, and how it aligns with the company’s overall approach to client service. - Client-centric approach
Investment management companies should prioritise a client-centric approach when implementing AI. The focus should be on enhancing client experiences, delivering personalised recommendations, and addressing specific client needs. - Testing and validation
Rigorous testing and validation of AI algorithms and models are crucial to ensure their accuracy, reliability, and robustness. - Feedback and Adaptation
Encouraging client feedback on AI-driven processes and incorporating it into system improvements can foster a sense of collaboration and responsiveness.
Encouraging client feedback on AI-driven processes and incorporating it into system improvements can foster a sense of collaboration and responsiveness.
AI can without a doubt help companies and employees by taking over certain tasks, but it’s important to ensure that your employees are still valued and utilised. Humans can think creatively, solve complex problems, and provide a personal aspect that AI simply cannot. But it is imperative that we work alongside AI, looking to the future of client servicing and marketing teams.
By embracing AI and using it effectively, businesses can gain a competitive edge and build stronger connections with their customers in this rapidly evolving digital landscape.
At Kurtosys, we are proud of our fast, scalable and easy to use technology. We love improving the client experience with smart applications of technology and creativity.
Find out how the experts recommend you can foster brand loyalty here.
Get in touch today, we’d love to hear from you. Talk to our team and arrange a demonstration of how our solutions and our tools can add value to your customer experience.
We look forward to seeing you at TSAM NY on 31 October! Visit us at the Kurtosys booth and join us at our Marketing and client services sponsored stream.
