Technology moves fast. Artificial intelligence and machine learning are essential for advisors who value customer service and marketing software, reported TechCrunch. Vendors like Salesforce and Microsoft are bringing automation and computer intelligence to those aspects of advisors' businesses.
Today, Salesforce added AI features to its CRM platform, Service Cloud, according to VentureBeat, and improvements also include article recommendations and automated case routing. While Salesforce isn't the first choice in CRM technology for some advisors, it's a sign that advanced computing is continuing to change the way tools develop and are used by customers.
"The demand is high for AI from companies that are large and complex to help them deal with varying needs at scale, as well as smaller companies who are using it to solve customer service issues or minimize service query responses with chatbots,” Paul Greenberg, author of the CRM-focused book CRM at the Speed of Light, told TechCrunch. The report noted that "injecting intelligence in applications can help even the playing field for companies of all sizes, allowing the smaller ones to behave like they were much larger." That's good news for independent registered investment advisors trying to punch above their weight. Of course wirehouses would presumably have access to the same technology, or better, which might tilt the scales once again.