“Artificial intelligence technologies are increasingly used in finance, and particularly in investment portfolio management, due to their great capacity to process and analyze information from different and large databases,” notes Maher Kooli, professor of finance and scientific director of the Fintech Chair (financial technologies) at the School of Management Sciences of the University of Quebec in Montreal (ESG UQAM).
“AI technologies can be used to help pick stocks, make predictions about market movements, optimize portfolios, and detect buy or sell signals. The use of AI technologies also facilitates the creation and automated management of portfolios that are increasingly personalized based on an investor’s specific criteria, such as their risk aversion and return objectives. »
At the Finance Montréal business association, which brings together all stakeholders in the financial sector in Quebec, we note that the development and implementation of AI technologies in personal financial services is carried out in two parts. main.
“What has progressed the most to date are the applications of AI in the operational activities of financial services companies. In particular to carry out complex data compilation and analysis tasks which can then be used to enhance the offering of financial products and services to individuals. This also constitutes the second part of the use of AI as a technological tool to improve the “customer experience”, which is a leading issue in the financial services market for individuals,” indicates Sebastian Boisjoly, vice -president of fintech and technological innovations at Finance Montréal.
At the financial group Industrielle Alliance, which is a major provider of insurance products and wealth management services in Quebec, the senior vice-president of information technologies, Alain Bergeron, also notes that “management systems based on AI technological models have been in place for several years in the internal management of personal financial services companies.
However, underlines Mr. Bergeron, “the recent emergence of so-called generative AI technologies, such as that of the ChatGPT system popularized by the firm OpenAI, augurs a new enthusiasm for the development of management tools and services- advice to customers even more effective and customizable to their specific needs.”
At the National Bank, the senior director of AI, Julien Crowe, specifies the following: “Until now, AI has been used as one technology among others according to our business management and improvement needs. continuing our advisory services to clients. »
He cites as an example conversational agent-type systems (chatbot) who can answer basic questions from customers of the bank’s websites and its direct brokerage subsidiary. The National Bank also uses specialized information chatbots for use by its employees, to provide assistance in their sector of activity.
But with the advent of generative AI, Julien Crowe expects an influx of new opportunities to develop more efficient applications and, above all, much more adaptable to the specific needs of users, both customers and bank employees.
On the other hand, notes Julien Crowe, the rise of generative AI technologies in the personal financial services sector could also increase the need for monitoring of these systems to avoid the development of faulty trends as they progress. evolutionary learning.
This monitoring of the capabilities of generative AI is very important so that we can identify and correct risks of bias or discrimination that could be introduced into the processes of collecting and analyzing our customers’ financial and personal information.
Julien Crowe, senior director in AI at National Bank
“The speed and potential of technological evolution in generative AI must not compromise our priority towards the security and confidentiality of our customers’ data. »