Leveraging AI in Financial Services: The Responsible Approach
Artificial Intelligence (AI) is transforming industries worldwide, and financial services are no exception. At Insight Investment Partners (IIP), we recognise the potential of AI to enhance efficiency, improve client engagement, and drive business growth. However, with great power comes great responsibility—AI must be used ethically, securely, and in compliance with regulatory obligations.
Our AI Usage Policy sets clear guidelines on how AI tools should be integrated into our operations to ensure they are used in a way that enhances—not compromises—trust in financial services.
The Role of AI in Financial Services
AI has the potential to automate repetitive tasks, analyse data for better decision-making, and create engaging content. Some ways we utilize AI at IIP include:
Enhancing efficiency – AI tools can automate tasks like portfolio management and client communication, freeing up advisers to focus on strategic decisions and personalized advice.
Content creation – AI can assist in generating high-quality marketing content for websites, social media, and client communications.
Client engagement – Chatbots and AI-driven assistants can improve response times and provide clients with relevant information quickly.
Research and analysis – AI can help identify trends in client feedback, allowing us to refine our services and stay ahead of industry shifts.
AI With Ethics, Fairness, and Compliance in Mind
While AI brings significant benefits, its implementation requires a structured and ethical approach. Our guiding principles ensure AI is used responsibly:
✅ Data Privacy & Security – AI tools must respect data privacy laws and protect sensitive client information. We never share confidential data with public AI tools.
✅ Transparency – Clients should be informed when AI-generated content is used in financial advice.
✅ Fairness & Ethics – AI must be free from bias and should never be used for unethical practices such as discrimination or misleading recommendations.
✅ Human Oversight – AI is here to complement, not replace, human expertise. Advisers remain accountable for all advice and recommendations.
AI for Client Notes: What’s Allowed and What’s Not?
With AI-powered tools becoming more popular, advisers are exploring how they can streamline their processes. Recently, we’ve received queries about using ChatGPT and Otter.ai for client meeting notes. Here’s our stance:
Can I use ChatGPT for client notes?
🚫 No – ChatGPT should not be used for client-related data. Public AI models, like ChatGPT, can store and use data for training, creating privacy and security risks. You don’t want client information to be exposed to potential data leaks or unauthorized access.
More info: Things to Never Share with ChatGPT
What about Otter.ai for client meetings?
⚠️ Proceed with caution – Before using Otter.ai, you need to research its underlying AI models, data storage policies, and privacy/security measures. We must ensure that any AI tool used for client interactions complies with our data protection standards.
What are the approved AI alternatives?
🔹 Ivana Chat (Recommended) – Available through your iComply2 subscription, Ivana Chat is a secure AI tool hosted onshore in Australia. It allows you to upload meeting recordings and client files safely, ensuring that client data is not used to train AI models.
➡️ User guides:
🔹 Microsoft Co-Pilot – If you have a Microsoft subscription, you can use Co-Pilot to record and summarize client meetings securely.
🔹 Paradino – A financial advice AI-powered note-taking tool.
Visit Paradino
🔹 Fintalkr – Another AI-driven note-taking tool designed for financial advisers.
Visit Fintalkr
👉 If you’d like a walkthrough of Ivana Chat, feel free to schedule a meeting with our team for a demonstration.
Best Practices When Using AI
To maintain high standards, IIP enforces strict best practices when using AI tools:
🔹 Risk Assessment – Every new AI tool undergoes a risk assessment for cybersecurity, data security, legal compliance, and ethical considerations.
🔹 Privacy Protection – AI tools must align with the Australian Privacy Principles (APPs) to protect client data.
🔹 Accuracy & Reliability – AI-generated content must be reviewed for correctness before being shared with clients.
🔹 Monitoring & Review – AI tools are regularly evaluated to ensure compliance, effectiveness, and alignment with business needs.
AI as a Tool for Growth, Not a Replacement for Trust
AI is a powerful ally in financial services, but it cannot replace the human element that clients value. At IIP, we believe in using AI to enhance client relationships, not replace them. While automation improves efficiency, the trust built through personal interactions remains at the core of financial advice.
By adhering to responsible AI usage, we ensure that innovation goes hand in hand with ethics, compliance, and client-first thinking.
📌 Have questions about AI usage? Let’s chat! We’re happy to guide you on best practices to integrate AI tools securely into your workflow.