ANZ, an Australian bank, was among the first to explore the possibility of using AI for wealth management by using Watson to help financial advisors better understand their clients. BlackRock has built its own AI engine, while Goldman uses AI-based financial research platform Kensho.
Asked if a computer will ever be able to give better investment advice than a human, Oliver Bussmann does not hesitate. "I believe it's possible," said Bussmann, who until March was the chief information officer of UBS. Banks' wealth management departments and other investment firms are starting to adopt artificial intelligence. This is different from the robo-advisers you've probably heard about. Those have simplistic, rules-based models — you give them your age, risk tolerance, goals, and so on and they select a basket of exchange-traded funds for you. The next generation of AI in wealth management uses rules or models crafted by data scientists with Ph.D.s and master's degrees.
https://www.americanbanker.com/news/beyond-robo-advisers-how-ai-could-rewire-wealth-management
