"Vanguard rolled out an AI chatbot to around 2,000 employees to internally test the functionality of natural language responses to client questions, including "What's my account balance?" and "How is my portfolio performing?" Tandon says he feels that the technology is advanced enough to handle this capability, but he wants to keep a close eye out for hallucinations, which are false or misleading outputs, and ensure the proper guardrails are in place so that the tool isn't veering into offering financial advice."
"He says that AI can improve Vanguard's operational efficiency and create opportunities to hyper-personalize financial guidance at a massive scale, and that it could one day serve as a trusted digital advisor. "For the future, if you take this a step further, this could be a voicebot just like Alexa, where you can ask how your portfolio is doing," adds Tandon."
Vanguard manages nearly $12 trillion in assets and serves about 50 million clients with roughly 20,000 employees. AI is being used to address the imbalance between client scale and available human advisors. The firm is piloting an AI chatbot internally with 2,000 employees to test natural language responses to account and portfolio queries. Generative AI tools including Microsoft Copilot, developer coding assistants, AI-enabled content platforms, and meeting transcription are deployed across the company. AI also produces customized client summaries for advisors. Emphasis is placed on preventing hallucinations and ensuring guardrails so tools do not provide unapproved financial advice.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]