Collaboration is key for future of AI: Kaplan, Red Marker
Kaplan Professional and RegTech fintech, Red Marker, have championed for greater collaboration across the financial services industry to help advisers leverage the full potential of artificial intelligence and machine learning technology.
The fintech’s chief executive, Matt Symons, said a mindset change was needed amongst the industry in how artificial intelligence and machine learning tools could best assist the industry.
Symons said it was important that both dealer groups and vendors progressed with realistic expectations, particularly around the ‘pre-work’ that needed to eb done to ensure financial advice could become an ideal candidate for automated solutions.
“If the financial services industry wants to increase the likelihood that effective statement of advice (SoA) review solutions emerge at a faster rate, then we need to come together and collaborate,” he said. “Working together is going to be key to developing highly-reliable, automated review solutions.”
Kaplan and Red Marker jointly advocated that before the financial services industry integrate fully with AI and machine learning technology, some pre-conditions be put in place, including managing expectations and acknowledging that there are limitations to the technology.
“Unless you have standardised inputs, you won’t have standardised outputs,” said Symonds
Kaplan’s chief executive, Brian Knight, added that the industry needed to use the next 12 months to clean up its documentation and procedures.
“It needs to be down to the level where the industry can utilise these technologies to assist those on the frontline, while training the next generation and retraining existing advisers on their exact obligations,” he said.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
