Responsive AI with Davyd Wachell (CEO) | EP27
Using AI to power advisor's relationships with clients.
In this 27th episode of the Fintech Impact podcast, Jason Pereira interviews Davyde Wachell, a Stanford graduate in artificial intelligence and the CEO of Responsive AI.
● 01:26 – The integral trust of clients comes from: service excellence and actionable insights.
● 02:30 – Davyde studied AI before it became overwhelmingly popular.
● 03:20 – Responsive AI identifies through aspects of who the client is or where they are in their life, that could be acted on to help both the client themselves and the enterprise serving the client.
● 08:50 – Davyde believes that Canadian institutions and culture have a specific way of looking at innovation, which Is very consensus-driven
● 11:16 – 2017 and 2018 were the years of “fake news.”
● 17:25 – How do you make sure people live up to the policy?
● 18:41 – The future for the company is to see how wealth management can add value for clients and financial advisors.
● 20:14 – Process automation and AI create the chance to create better outcomes and push away tasks that slow down the workflow.
● 21:25 – Human beings using AI tools will outperform raw AI and raw human beings.
● 26:17 – Davyde foresees that the AI hype will calm down in the next three years and people will realize transfer learning and complex heterogeneous problems aren’t easily solved with AI.
3 Key Points:
1. The integral trust of clients comes from: service excellence and actionable insights.
2. Responsive AI technology is only for wealth management serving mass affluent and high net worth clients.
3. Humans that use AI tools will outperform raw AI and raw humans.
- “Those of us tracking wealth tech know that digital is a big story, and it’s expected to reach $4.6 trillion by 2022.” – Davyde Wachell.
- “Wealth is built on trust. And our clients will trust us when we serve them well and they feel taken care of, and when they trust our judgment.” – Davyde Wachell.
- “What our AI looks at is identifying through aspects of who the client is or where they are in their life, that could be acted on to help both the client themselves and the enterprise serving the client.” – Davyde Wachell.
● LinkedIn – Jason Pereira’s LinkedIn
● Facebook – Jason Pereira’s Facebook
● Woodgate Financial – Website for Woodgate Financial
● Davyde Wachell – LinkedIn for Davyde Wachell
● Responsive AI – Website for Responsive AI