Quick Insights:
- High quality, well-structured data is foundational, enabling early AI tools to enhance transparency, support compliance, and drive proactive decision-making to improve client engagement.
- Generative AI is streamlining advice delivery by automating tasks like transcription and meeting preparation, enhancing efficiency and client engagement.
- Emerging AI models with reasoning capabilities are set to reduce errors and improve decision-making, driving a significant advancement in automation and productivity for advisers.
Over the past seven years, HUB24’s Innovation Lab has shifted its focus from machine learning to generative AI and now automation, reflecting the evolution of the technology sector and the increasing availability of data.
“In technology, the quality of the output is limited by the quality of the input,” said Dr Evan Morrison, Head of HUB24’s Innovation Lab.
Focussing on this data challenge, the Innovation Lab has trained in-house machine learning capabilities on over 19 million documents, taking unstructured data such as SOAs, ROAs and client agreements from multiple sources, and classifying, storing and extracting data points to deliver key information.
This data is brought together in a solution known as HUBconnect, to deliver a series of dashboards designed to provide strategic insights into revenue and growth opportunities, client demographics, compliance obligations, and to provide benchmarks on how a business compares to other practices in the industry.
Generative AI emerges and evolves
By 2024, generative AI had begun shaping the delivery of advice across the industry, particularly in voice transcription, summarisation and automated file notes.
Morrison said while AI is currently used to transcribe and summarise notes, in the next 12-24 months, it will help reduce errors and improve decision-making because it will automate repetitive tasks, identify inconsistencies and learn from past mistakes.
“Over the next year, generative AI solutions are set to become more sophisticated, with big leaps expected in natural language automation.” This technology uses AI and machine learning to automate tasks that involve processing and understanding human language.
Another exciting development is the rise of “thinking and reasoning” open-source models, which as Morrison explains, “can think through tasks and reason before giving an answer, helping to reduce AI hallucinations.”
Hallucinations refers to AI giving incorrect or misleading information. Managing hallucinations helps advisers and their clients trust that AI is providing accurate and reliable information.
Keep exploring how HUB24 is shaping the future of advice.
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