It is no secret that more and more often we hear about the various computer algorithms that make a final decision on whether or not a loan is approved, or a claim for accident compensation accepted. In fact just recently the Accident Compensation Corporation (ACC) has announced that its claim process has been converted to a digital process, and already a significant number of claims are processed and accepted using an online format.
In time we will all perhaps become more comfortable with accepting the decisions that are made online and relayed to us in the various forms of digital communication - be it cellphone, laptop, computer or tablet.
As Financial Advisers however, we are still asked about the process and more importantly the steps in the process - and how some of the "digital decisions" are to be converted to language that we can all understand!
A speaker at a recent international conference for financial planners indicated that technology would not replace humans but could be expected to replace activities. He went on to say that there are things that humans can do that artificial intelligence (AI) cannot.
So, what can we take from all this?
Of course there are many mundane processes that can be handled by AI or robo advice as it is sometimes called, and that is now leaving room for a much deeper conversation with clients. That conversation might revolve around the various steps in our career development that make us uniquely placed to purchase that business that we are looking at. Or it might involve an in depth discussion around the significance of some of the health questions on that life insurance application.
At Thompson McNeill we think good advice is paramount.
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