The news: Citi Wealth has launched AI-driven tools for employees aimed at improving client communication, per a press release.

The details: These tools quickly deliver relevant information to employees, which they can then use to have more timely, meaningful interactions with clients. For example:

• The Advisor Insights dashboard gives advisors tailored updates on market changes, portfolio insights, and current events.
• The AskWealth conversational assistant provides instant answers to questions from service teams, advisors, and managers, helping them quickly resolve client inquiries. They can also access market research and insights through the platform.

Advisor Insights is being piloted in North America, while AskWealth is already available to all Citi Wealth employees.

What it means for the industry: Other big banks are piloting or launching similar AI-powered tools: For example, Lloyds’ new internal database helps employees get customer insights faster. Financial institutions that hesitate to equip employees with AI will fall behind in the race for rapid, more personalized service.

Our take: AI platforms will deliver the greatest impact when banks shift them from passive information repositories to active drivers of business growth. This will require integrating the tools with other systems. For example, an AI assistant could automatically draft personalized client emails in response to a market event identified by Advisor Insights. A human advisor could then review and send the emails.

This level of integration would increase the speed of personalized outreach, giving banks a competitive edge in maintaining and growing client relationships.