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14/09/2017 | Stephen Harvey artificial intelligence

The Risks of Going “All In” With AI

Robotic systems can’t replace human expertise
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Despite all the hefty promises, it’s impossible to imagine how an algorithm can effectively guide a client through the process of business structuring and planning, wealth management and retirement planning.

Whilst there’s no doubting we are seeing new technology driving a boost in the speed of information gathering and data processing, robotic systems cannot – and should not! – replace human expertise and intellect.

We regularly see, and share with you, evidence of the disservice that reliance on robotic automated template systems can do to the outcomes you’re seeking for your clients.

In holistically embracing all things robotic and ignoring human intellect, we risk missing out on the huge advantages that digital platforms offer in enhancing, rather than replacing, the ability of advisers to do what we’re paid to do. That is, craft recommendations for our clients to help achieve the outcomes they’re seeking.

Technology is merely a tool to help accounting professionals gain better insights into clients’ wants and needs. It’s the combination of human expertise and technology that packs the biggest punch.

The role for artificial intelligence, or robotic systems, is in assisting professional service providers in the areas of connectivity and information gathering or filtering – bringing the professional adviser closer to their client. This should make the client “stickier” and value more intently the service the adviser is providing.

If the rising influence of, and spotlight on, technology has achieved anything, it’s been to bring into question the quality of conversations and, ultimately, the relationships some professional service providers have with their clients. Used properly, information and analysis generated by technology allows accounting professionals to become more proactive rather than reactive in managing client relationships. Accountants can become “relentlessly customer-focussed” rather than having their time taken up with unnecessary manual tasks that technology platforms, like the Acis system, perform more quickly, efficiently and seamlessly.

The team at Acis is once again attending this year’s ATSA conference in Sydney on October 16 and 17 alongside the industry’s technology leaders. We look forward to seeing you there. Don’t hesitate to contact Mick Nielsen or Marcus Willey to book an appointment. For more information about the event, check out atsaevent.com.au or download this flyer.