AI in Financial Services Marketing

Recap

The FCS hosted the highly anticipated panel discussion AI in Financial Services Marketing, on July 12th at the New York Yacht Club, where over 60 guests gathered for an engaging luncheon focused on one of the most pressing and exciting recent developments in our industry.

First and foremost the panelists set the stage for some myths and misconceptions about what AI can and can’t do. AJ Boury, COO of TIFIN Wealth, highlighted the importance for finserv companies in understanding their goals when it comes to utilizing AI. It’s more than generative technologies such as chatbots, he noted, and many finserv operators can overlook the powerful applications of training models on their CRMs or other data sets to extract key insights that can augment their core distribution strategy.

The panelists shared multiple specific examples of how they were implementing AI into their businesses. For instance, Joe Dube, CMO of KraneShares, discussed using AI for summarizing webinars and generating outlines and drafts for articles. By transcribing webinars and inputting the chunks of information into AI tools, the team at KraneShares is able to save significant time and effort compared to traditional manual processes.

But given the risk of generative AI producing inaccurate or inappropriate content, guardrail processes need to be put in place. One key topic of discussion revolved around the need for human involvement in the review and editing of AI-generated content to avoid bias or misinformation. The panelists stressed the role of human editors in ensuring the accuracy and quality of AI-generated materials before they are shared with the public.

In fact, TIAA is putting record keeping processes in place for all of the AI tools that the business is employing. Mike Bieselin, Chief Marketing Strategy & Operations Officer at TIAA, discussed how the company had restructured the technology division to create a centralized hub for all AI use-cases and workflows. By closely aligning compliance and legal processes with AI implementation, TIAA aims to protect itself from potential regulatory and brand representation risks. Mike’s example highlighted the proactive approach taken to mitigate concerns and maintain strict oversight over AI-generated content to ensure it aligns with regulatory requirements and the firm’s standards.

The conversation also explored the potential compliance risks and challenges associated with AI implementation in financial services. The panelists emphasized the necessity for regulatory bodies to provide clear guidelines and guardrails to prevent misuse, maintain the integrity of the space, and allow it to keep developing for the good. Joe brought up the example of cryptocurrency, which saw major regulations put in place over the past year after a number of bad actors came to light. Ensuring that regulation requirements stay on pace with the evolving needs and potential conflicts of interest is what is going to allow AI technologists to continue to create high quality products and experiences.

The event was held in collaboration with WealthManagement.com, the exclusive event programming partner, and moderated by David Armstrong, Head of Editorial at WealthManagement.com.

[See photos below.]

— reported by Anna Gutowski, Informa