Embracing the Power of Artificial Intelligence
In honor of AI Appreciation Day (July 16), we’d like to share our thoughts on the emerging topic.
The advent of artificial intelligence (AI), recently popularized by OpenAI’s ChatGPT, has the potential to revolutionize the financial services industry and transform the way we work. AI, with its immense computing power and ability to process vast amounts of data, can greatly enhance productivity, accuracy, and automation in various financial tasks.
We utilize AI in our research department to efficiently gather and transform data at a magnitude that is simply not possible for humans. We also leverage AI firmwide to automatically transcribe our internal meetings into digestible notes and takeaways, allowing us to spend more time on providing additional value to you. We also recognize that this new technology has many risks, from privacy concerns to biases or inaccurate output, and consciously work to understand and alleviate these risks. We will never give these tools access to any private client information.
While AI has the potential to tremendously enhance the client experience, it is important to note that human expertise and judgment are still essential in many areas of the financial services industry. AI should be seen as a tool that complements human capabilities rather than replacing them entirely.
As AI continues to advance, we believe firms should embrace this technology to stay competitive and adapt to the changing landscape. By harnessing the power of AI, we plan to unlock new opportunities, improve efficiency, and deliver better outcomes for our clients.
