Citi bets on AI to boost wealth advisors amid memory challenges

Citi has recently introduced a prominent new wealth advisor to their team — and this one is AI-generated.

Last week, Citi launched "Citi Sky," an around-the-clock AI-backed wealth advisor expected to be available to select clients this summer. 

Users can consult Citi Sky, in her blue blazer and reddish-brown hair, regarding tailored financial inquiries and market trends. 

Citi's Head of Wealth Andy Sieg forecasts this tool will "revolutionise the way wealth management operates," as stated in a press release. Over time, the application is intended to become more user-friendly.

Dipendra Malhotra, the corporation's head of wealth technology, who participated in the tool's creation, remarked on a current constraint for AI in wealth management being memory, both short-term and long-term.

"One issue is short-term memory: how long can you keep the conversation going before errors begin?" he questioned during a panel discussion on Tuesday for New York Fintech Week. With advancements, he noted, new algorithms could help instantly summarise discussions, enabling lengthier conversations.

"The second aspect involves long-term memory capability, encompassing all dialogue: all interactions, all client-related information, and transactions," he explained, emphasizing that advisors monitor personal, financial, and notable events.

Agents who maintain and recall ongoing dialogues with clients can bolster advisor efficiency and manage additional relationships, Malhotra remarked.

"That's the ultimate goal," he commented, pointing out that memory functions are increasing.

This heightened awareness could allow one advisor to serve more clients effectively, emphasising that these tools are focused on "efficiency and scale."

Malhotra noted that Citi still aims to recruit more wealth advisors, a sentiment echoed by Sieg during Citi Sky's introduction, which was created using Google Cloud and Google DeepMind technology.

Throughout the wealth management sector, AI is employed to streamline mundane tasks, tailor advice, and empower advisors to attend to more clients. 

An example is Bank of America's deployment of a tool that assists advisors with preparing for, conducting, and following up on client gatherings.