CHICAGO - The spread of artificial intelligence-based systems offers big opportunities for financial services firms, executives say, but asset managers also face higher stakes than other consumer-facing businesses because they manage sensitive information.
"There are some things that the machines could smooth over, and then a financial adviser could spend more time servicing their client," said Karen Zaya, a Morningstar senior research analyst who follows investment managers' use of technology. The spread of AI could tempt companies to cut jobs in areas such as at call centers or in software-development facilities, but it is still likely they will need human workers to handle more complex questions, said Margaret Vitrano, portfolio manager for ClearBridge Investments.