Fostering Trust in AI Applications for Financial Growth
March 25, 2024
Although artificial intelligence (AI), in some form or another, has been used by businesses and financial institutions for years, it has only recently started to become a much more integral part of operations.
Having a family office’s operations and wealth management decisions facilitated through an AI-powered family office app such as AtlasFive® from Eton Solutions can make a massive difference to operational efficiency and investment decision-making capabilities.
However, while this kind of advanced technology brings a plethora of advantages, many still struggle to trust it. After all, computers have been known to make mistakes, and AI is not immune to getting things wrong occasionally.
Let’s talk about some reasons why you should put more faith in the power of AI to facilitate financial growth.
Human Error
Although there are numerous examples of computer errors and AI malfunctions that can occur, human error is far more likely.
In businesses that manage finances, humans are responsible for as many as 50 errors a day on average. All of these poor decisions can lead to losses. By comparison, computers make only a tiny fraction of that amount of error. As smart as humans can be, they simply do not possess the computing power of AI that allows for rapid and highly advanced data analysis required for sound decisions.
What’s more, when AI errors do occur, they are much more predictable than human errors because they are systematic and carefully modeled on certain behaviors. This makes these kinds of errors easier to avoid and fix so that they only need to happen once and never again.
Security
While it’s true that cybercrime is an ever-present threat, it must be acknowledged that no business or financial institution can operate in the modern world without that risk, simply because embracing technology is no longer optional if you wish to survive.
With AI on the rise, it will soon become impossible for your family office to survive without it as well. However, AI does come with its own new set of security risks, all of which need to be acknowledged.
Thankfully, cybersecurity is getting more advanced every day and is always one step ahead of cybercriminals. Although several potential AI security risks exist, partnering with an established player like us can help protect you from any potential threats.
If you’re looking for a way to enhance the management of your single family office, then Eton Solutions’ best-in-class AtlasFive® family office app will show that you can trust advanced AI to help you make better investments and streamline your processes for a more efficient operation. Get in touch with us today to find out more.
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