Far from being seen as a tool that could replace them, Artificial Intelligence is used, like other tools, by financial professionals to best manage their clients’ savings. And the trend is not particularly recent.
Can an individual use artificial intelligence to manage their savings? For many experts interviewed, current technology, and in particular the advent of ChatGPT, is a good thing in the sense that it allows us to provide financial education for those who want it. However, I am not sure that the tool is still usable on its own, without a professional, says Stphane van Huffel, wealth management advisor and co-founder of Net Investissement.
One thing is certain: on the professional side, the use of tools to manage customer savings did not wait for the arrival of ChatGPT. For years, there have been financial analysis tools, the image of supercomputers, and even algorithms. It is neither more nor less than the beginnings of artificial intelligence, but not improved as it is today. The arrival of artificial intelligence is therefore not a fundamental revolution in our professionbut it is a tool which will increase the capacity to carry out one’s work, analyzes Stphane van Huffel.
For example, he explains that he now uses ChatGPT to write content for his clients, to train and inform them. ChatGPT saves us time, even if we have to go back behind the AI. You have to make sure that the machine doesn’t make a mistake.
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For financial professionals, these tools allow faster processing of data when the saver profile has been entered. For example, we have a recommendation tool which, from the moment it has aggregated information on the profile and the level of risk accepted by the client, will analyze whether or not the risk level of a product is suitable for the customer. Otherwise, he can suggest another solution. But again, everything is done under human supervision, to check that the proposal is suitable, explains Stphane van Huffel.
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Using AI to best manage its customers’ savings is also the challenge of Avnear, a solution for investing in life insurance and PER with AI. Our management is distinguished by an additional layer of security thanks to AI, reveal Quentin Duquenne and Charley Arod, co-founders of Avnear. Unlike other pilot management systems on the market, we do not invest the client’s allocation in one go. Our AI is connected to Bloomberg and analyzes market prices in real time, which gives us a sort of market weather forecast. This data guides us in our investment decisions. There is then progressive ventilation which is carried out. The goal is to reduce the risk of short-term loss, without penalizing long-term profitability.
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For its part, the nobank Revolut communicated at the end of February on the launch of its Robo-Advisor, supposed to help customers invest in a diversified portfolio without spending hours on its ongoing management. This new product is particularly attractive to clients who do not have the time to do extensive research and actively invest, or who have limited trading experience.
Artificial intelligence will not replace humans
Concretely, how does it work? Revolut’s Robo-Advisor offers a fully diversified and personalized portfolio, based on customer responses to a questionnaire that helps identify, among other things, their risk tolerance and financial goals. Once the customer has deposited money into their wallet, the Robo-Advisor automatically invests it in the market then constantly monitors and manages the portfolio of the customer, explains the nobank in its press release.
But again, there is no question of letting the saver invest solely on the advice of artificial intelligence. The Robo-Advisor actually relies on part of AI but also and above all on mathematical and human tools: it is a semi-automatic tool which uses mathematical algorithms to evaluate the client’s investor profile and then allocates money deposited in appropriate financial instruments. However, to guarantee the robustness of the system, human monitoring is in place to monitor the performance of the Robo-Advisorwe explain at Revolut.
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You will have understood: if the use of tools like artificial intelligence is already anchored among professionals, for the moment it cannot do without humans. The development of these solutions in the coming years should in any case further reinforce this phenomenon. of use applies savings management. Artificial intelligence will not replace humans, however, assures Stphane van Huffel. On the other hand, the human beings who make the best use of artificial intelligence will replace those who refuse to lead change.