News of ABN AMRO's investment in AI is another example of firms recognising the significant time leverage that a successful AI solution can bring to an organisation.
Wholesale cost reduction is a key industry driver currently, and AI solutions could indeed provide the magic bullet where STP, Offshoring and Outsourcing have reached the peak of the cost efficiencies they can offer.
What we need to keep in mind though as we read further press releases like this is what would our industry be like if we only had 10% of the workforce employed. How do we ensure salaries aren't decimated along with jobs, and how to we continue to create opportunities for graduates in times when there are a significant number of experienced professionals on 'the bench'?
ABN AMRO won’t be replacing human financial advisors with robotic ones tomorrow, but the concept is not as far-sighted as we might believe. And just how far AI will be adopted in the financial sector is as yet unknown. Will it remain a back-end tool that assists human advisors with providing ever-more accurate advice and projections? Or will clients embrace their financial avatars for their accuracy and availability? In the end, as always, those answers will depend on the client, and his or her willingness to adapt to the change. But, by exploring and experimenting with this technology now, and preparing for the changes to come, ABN AMRO is doing the best thing we can do for our clients: learning everything we need to know to make the most informed choices when the time comes.