Chatbots, automated voice services, smart CRM systems and data mining are the main ways that retirement plan advisers today are using artificial intelligence.
Craig Hawley, head of Nationwide Advisory Solutions, also explains how successful advisers are using AI.
In addition to helping participants understand their retirement plans, the AI chatbox addresses other financial challenges participants face.
Nearly half of adults surveyed by Charles Schwab think that robo advice is the technology that will have the biggest impact on financial services.
The system analyzes emails, notes and text messages to predict client needs.
When it comes to trusting a financial services firm, consumers first want it to secure their personal information; secondly, they expect it to deliver high-quality customer service.
They are also harnessing the competitive edge of AI.
They plan on using it to better understand clients’ needs.