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Instead of raging against the machine, serial entrepreneur Adam Dell encourages us to embrace AI in financial planning.
“[It]will spread into every aspect of our economy,” Domain Money CEO told Yahoo Finance Executive Editor Brian Suozzi on Yahoo Finance’s Opening Bid podcast (video above; listen below). “These tools are very powerful.”
The financial services industry is already starting to benefit from what AI can offer.
A He studies Ernst & Young revealed that 99% of financial services leaders have used AI in some way, while 77% of executives see productivity AI as an “overall benefit to the financial services industry in the next five to 10 years.”
Wealth management platforms see AI as a tool to personalize client services, help gather information to meet regulatory requirements, and help companies stand out and have more assets under management.
When it comes to financial planning and its relationship to artificial intelligence, humans will likely still control the most important parts, Dell says. But artificial intelligence will make interactions easier and faster.
“Document analysis and data mining have really been completely reinvented by AI,” he said. AI can actually remove “three to five hours of manual work” by extracting salient information in advance.
He also noted that AI could give traditional financial software a run for its money.
“I think AI is going to disrupt this entire ecosystem,” Dale said. “You can create financial plans very quickly using AI.”
Dell is the brother of Michael Dell, founder of Dell Computer (DELL). His professional mission was to make finance a more attractive and accessible subject for more people.
During his tenure at Goldman Sachs, he was involved in the development of the now-defunct Marcus, which focused on financial services for everyday consumers.
in Domain fundsHe furthers this mission by offering personalized financial planning to consumers, making advances in artificial intelligence a perfect fit for his company.
“AI is within anyone’s reach,” he said. “Literally, anyone with a computer will have access to a technology stack and a level of capital spending that was previously completely unattainable. This will provide tremendous opportunities.”
Adam isn’t the only member of the Dell family who is high on AI and its future.
At Citi Global’s TNT conference earlier this year, Michael Dell shared with Sozzi that the development of artificial intelligence has already increased demand for Dell’s PCs and servers.
“What organizations see is that this is a historic opportunity to make their businesses more productive and efficient and, at the same time, kind of reimagine it in light of all this potential,” he said.
Three times a week, Yahoo Finance’s executive editor Brian Susie Insightful conversation areas and chats with the biggest names in business and markets Open the bid. You can find more episodes on our website Video center Or watch in private Favorite streaming service.
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