Using AI to close the Financial Advice Gap
Savings & Protection providers, the target market for this activity, are under pressure to enable better outcomes for citizens seeking financial advice. These citizens seek advice in order to have adequate funds for key life events (e.g. birth, leaving school, graduation, first home, retirement, illness).
Society is facing a major challenge for those citizens without access to affordable financial advice. Surveys show that 50% of EU citizens would like to be offered simpler financial products and services. According to a recent UK FCA report, up to 5.8 million UK citizens are failing to get any advice on complex financial choices.
‘Using AI to Close the Financial Advice Gap’ is the key driver for the collaboration between Ai-London, City, University of London’s Artificial Intelligence Research Centre (CitAI) and the Bayes Business School, Faculty of Actuarial Science and Insurance. This three-way partnership is rooted in the heart of the City of London and seeks to make AI relevant and adoptable by the Savings & Protection providers in London and beyond.
Whether investing in next generation endowments or funding the longer life, our shared aim is to ensure financial advice is clear, appropriate, compliant and compelling.