HUB24, Praemium, and Netwealth have detailed how the platforms are using artificial intelligence (AI) to improve their processes and efficiencies.
Speaking at their respective annual general meetings this month, the ASX-listed platforms shared their future plans in the AI space and which areas they believe can be used within the business.
These included customer service, corporate governance, and client engagement.
At Netwealth, it said AI offers “incredible opportunities” for the platform, which holds $95.4 billion in funds under advice, to optimise its processes. This includes automation of repetitive tasks, data processing and analysis, portfolio reporting and analysis, knowledge base management, sentiment analysis, and call transcription.
CEO Matt Heine said: “From a broader technology perspective, it would come as no surprise the environment is changing extremely fast and innovations in artificial intelligence, especially with the rise of generative AI offer some incredible opportunities to improve efficiency, productivity, client engagement and service.
“We are leveraging the capabilities of AI to create innovative solutions and optimise processes across the following key areas; back office, customer service, client products and services, engineering and developer efficiency and cyber security.”
Meanwhile, HUB24, which has $104.7 billion in funds under administration (FUA), is leveraging AI, robotics, and automation for efficiency purposes that were identified as ways for the platform to be future-ready alongside helping HUB24 build operational scale and profitability.
It also wants AI to drive productivity with emerging technology with an AI-driven mail house for institutional clients.
Finally, Praemium has already been vocal on the use of AI, flagging it plans to invest in the technology “in a big way” when opportunities arise.
The platform, which has $59.4 billion in FUA, outlined a range of ways it envisages AI being used in the future. This includes service and support, AI-ready cyber security, corporate governance, productivity gains, and predicative modelling.
Anthony Wamsteker, CEO of Praemium, said: “Owning our own technology also provides the foundation we need to take advantage of the exciting opportunities presented by the rapid emergence of generative AI technology.
“We are excited about our experiments to date and have the capacity to move in a big way when satisfied that the opportunity and timing is right.”
