Listen to Opening Bid and subscribe on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.
Rather than rage against machines, serial entrepreneur Adam Dell encourages people to embrace AI in their financial planning.
“[It’s]going to permeate every aspect of our economy,” Domain Money’s CEO told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid Podcast (video above, listen below) please). “These tools are very powerful.”
The financial services industry is already beginning to reap the benefits that AI has to offer.
According to research from Ernst & Young, 99% of financial services leaders use some form of AI, and 77% of executives believe that AI will be of “overall benefit to the financial services industry over the next 5 to 10 years.” It became clear that he was thinking,
AI is seen by asset management platforms as a tool to personalize customer service, help gather information to meet regulatory requirements, and help businesses stand out and keep more assets under management. .
When it comes to the relationship between financial planning and AI, Dell said humans will likely continue to control the most important aspects. But AI makes interactions easier and faster.
“Document analysis and data extraction is already being completely reinvented by AI,” he said. AI can already save “3 to 5 hours of manual work” by proactively extracting critical information.
He also pointed out that AI has the potential to deliver results commensurate with traditional financial software.
“I think AI will completely disrupt that entire ecosystem,” Dell said. “With AI, you can create financial plans very quickly.”
Dell is the younger brother of Michael Dell, the founder of Dell Computers (DELL). His career mission is to make finance a more attractive and accessible subject for more people.
While at Goldman Sachs, he helped develop the now-defunct Marcus, which focused on financial services for everyday consumers.
Domain Money advances its mission by providing consumers with customized financial planning, and advances in AI are a perfect fit for his company.
“AI is readily available to everyone,” he said. “Literally anyone with a computer will have access to a level of technology stack and capital investment that they simply didn’t have access to before. That’s going to create a huge opportunity.”
Adam isn’t the only member of the Dell family interested in AI and its future.
At Citi Global’s TNT conference earlier this year, Michael Dell shared with Sozzi that developments in AI are already increasing demand on Dell’s computers and servers.
“Organizations are recognizing that this is a historic opportunity to significantly improve the productivity and efficiency of their business, while at the same time rethinking their business to account for all of this capability. That’s the thing,” he said.
story continues
Three times a week, Yahoo Finance Executive Editor Brian Sozzi has insightful conversations and chats with some of the biggest names in business and markets on Opening Bid. Find more episodes on our video hub or watch on your favorite streaming service.
Click here for the latest technology news impacting the stock market.
Read the latest financial and business news from Yahoo Finance
