Will artificial intelligence take over the core functions of marketing and communication? Many recent glowing articles and social media posts show this. The number of people who tested the abilities of the artificial intelligence creator with bots overwhelmed the system. The volume of users testing OpenAI ChatGPT sometimes results in additional traffic being blocked.
If you haven't tried it yourself, ChatGPT can generate content after receiving simple spoken language commands. "What are the benefits of paying the maximum amount allowed in a 401(k)?" upon request, the bot will instantly generate an article explaining the benefits of investing as much as possible in a company-sponsored pension. plan.
Understanding the benefits and limitations of generative AI is essential to determining how to effectively incorporate this new capability into wealth management marketing.
The main advantages are correctly placed.
1. Routine tasks can be automated. Bots can be used as a customer service tool to generate communications or provide instant answers to basic questions with general answers. For example, a chatbot on a wealth management website asks, "What's the difference between a Traditional IRA and a Roth IRA?" can answer your questions easily. If an adviser wants to make a few social media posts on a topic like "Save big for college," the bot can quickly generate posts for a campaign that can be done on its own, or perhaps serve as a model for further development. . consultants or marketing team.
2. It is fast and cheap. Generative AI can be used very skillfully with tasks that are classified as "low-hanging fruit." Simple content needs can be created in seconds and the current version of ChatGPT is freely available on OpenAI. Later upgraded versions may cost more.
3. It is a valuable research tool. While wealth managers and traders need to refine the content generated by bots, this feature can be useful for research. Search the Internet effectively for relevant information on each topic. Reviewing the content you've created can act as a double check to make sure you've covered all the important topics.
Restrictions on content processed by bots
1. It does not reflect the opinion or voice of an expert. Clients work with wealth managers because they value that person's experience and opinion. It may be easy for a bot to create an article on how to invest in a recession, but it won't convey the personal perspective of a trusted advisor. When the relationship is strong, clients also value the personality and character of their adviser. Financial content can often be dry and boring, especially for non-expert readers. Wealth managers who display personality and style in their blogs, newsletters, and social media posts are more attractive to read. You can't get that powerful, personal voice from a bot.
2. It can be simplistic, inaccurate, and even biased. Creative AI, at least in its current iterations, doesn't do well with content that needs to be complex and nuanced. At least for now, people still need QA. When an internet bot searches for information posted online on a topic, it lacks the human sensitivity to determine if the information is accurate, unbiased, or in line with the latest legal or regulatory changes. .
3. It is not personalized. It's relatively easy to create an article that explains the benefits of expanding your 401(k) to a general audience. But when communications must explain how much a person should contribute to a retirement plan, given their level of income, investment temperament and long-term goals, personas remain the best vehicle for highly personalized messages. While a bot can be used as a communication research tool, customers appreciate the human touch. One reason is that many tech-savvy Millennials want to connect with human wealth managers and don't fully trust automated advisors.
Finding a balance between open skepticism and blind faith in technology
When it comes to new technology, it's probably best to avoid the extremes of having a Luddite resistance to innovation or being a warm-hearted enthusiast who accepts it without question. The best use of creative AI will come from those willing to consider the potential benefits of wealth management marketing, while recognizing when and where the value of human engagement, interaction and insight cannot be replaced.