AI Advisors

Posted by Flux on 

23 August 2023

What’s trending? 

Whom do we want to be receiving advice from? Humans or machines? We are beginning to see instances where artificial intelligence is capable of giving credible advice to humans. Google is busy testing an AI chatbot that could behave as a personal life coach. An AI tool has passed a  mortgage advice qualification exam – the UK Certificate in Mortgage Advice Practice (CeMAP) exam – suggesting that AI may be capable of providing sensible financial advice to humans. There’s also an AI-powered app “Text With Jesus” that, according to the publicity, lets users engage in enlightening conversations with Jesus and other biblical figures, who offer spiritual guidance.

Why is it important? 

These AI advisers are often cheaper, easier to engage with than human advisers and have the advantage of being anonymous. This makes it difficult for humans to compete. There is a dark side to this technology though. AI advisers don’t have a conscience and AI systems are known to exhibit biases. There are also issues around data security and privacy. The US eating disorder helpline, The National Eating Disorder Association (Neda), was forced to take down its AI chatbot “Tessa” over harmful advice it gave. In spite of these shortcomings, human jobs in advisory capacities are increasingly under threat as this technology develops. 

What can businesses do about it? 

Consultants who are in the business of providing advisory services would be well advised to stay up to date with advances in AI-advisory technology for their specific field. Advisory services will need to evolve to encompass areas where machines are unable to perform. An example of this would be to create holistic, sensory experiences for the client. Ultimately, the key is to emphasise the qualities that make you distinct as a human advisor while integrating AI tools to enhance your services rather than replace them entirely. Blend technology with your unique expertise, client-centred approach –  and especially empathy – to create a competitive advantage in the evolving advisory landscape.

By Faeeza Khan 

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Image Credit: Zac Durant

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