Will artificial intelligence take over key marketing and communication functions? Most of the interesting articles and social media posts that have appeared recently indicate that this may be the case. The number of people testing the potential of generative artificial intelligence with bots has flooded the system. The large number of users testing OpenAI's ChatGPT has sometimes resulted in further traffic being denied.
If you haven't tried it yourself, ChatGPT can generate content after receiving simple conversational commands. "What are the benefits of contributing the maximum amount allowed to a 401(k)?" For example, if you ask about it, the bot will immediately create an article explaining the benefits of investing in a company-sponsored retirement plan. .
To determine how to effectively integrate this new capability into wealth management marketing, it is important to understand the benefits and limitations of generative AI.
Key benefits when implemented correctly
1. Routine work can be done automatically. Bots can be used as a customer service tool to create notifications or provide quick answers to basic questions that have standard answers. For example, a chatbot on a wealth management website might ask questions like, "What's the difference between a traditional IRA and a Roth IRA?" Can answer questions easily. If an advisor wants a series of social media posts on a topic like "How to Save for College," the bot can quickly generate campaign posts to run on a case-by-case basis, or perhaps as a model for the future. Update. by a consultant or marketing team.
2. It's fast and cheap. Generative AI is best used in tasks that are traditionally considered "low-hanging fruit." Simple content queries can be made in seconds, and the current version of ChatGPT is available for free on OpenAI. Later updated versions may be charged.
3. It is a valuable research tool. While capital managers and marketers need to filter content generated by bots, this feature can be useful for research. It efficiently searches the web to find relevant information on any topic. Reviewing the generated content can serve as a double check to make sure you've covered all the relevant questions.
Restrictions on content generated by bots
1. It does not reflect the understanding or opinion of any expert. Clients work with wealth managers because they value that person's experience and opinion. It may be easy to get a bot to create an article on how to invest during a recession, but it doesn't provide the individual insight and perspective of a trusted advisor. In strong relationships, clients value the personality and character of their advisors. Financial content can often be dry and boring, especially for lay readers. Money managers who bring personality and style to their blogs, newsletters and social media posts are more engaging to read. You can't get that strong individual voice from a bot.
2. It can be oversimplified, imprecise and even biased. At least in its current iteration, generative AI doesn't work well with content that's meant to be complex and obtuse. At this point, people often still have to worry about quality control. When a bot scans the web for information posted on the Internet about a topic, it is not up to a human to determine whether that information is accurate, objective, or up-to-date with the latest legal or regulatory changes. .
3. It's not personal. It's easy to create an article that explains the benefits of maxing out your 401(k) to a wide audience. But when it comes to explaining to someone how much they should put into a retirement plan based on their income level, investment habits, and long-term goals, people are always the best carriers of those very personal messages. While a bot can be used as a research communication tool, customers value human contact. This is one of the reasons why many tech-savvy millennials still want to work with HR managers rather than rely solely on the advice of a robot.
Finding a balance between absolute skepticism and blind trust in technology
When it comes to any new technology, it's best to avoid the extremes of being a technology skeptic or an outright fanatic who accepts it without question. The best use of generative AI in asset management marketing may be to be open to exploring its potential benefits and to be aware of when and where interaction, interaction and human knowledge should not be substituted.
