There’s no getting away from it: artificial intelligence is here to stay, and it’s already influencing vast swathes of our everyday lives. From the way we relax to how we obtain information, and from how we get around to (crucially) how we work, the rise of AI has ushered in a bold new era we’re all having to navigate together.
With this digital Rubicon now crossed, we’re unlikely to ever go back to the world we’ve left behind – but what does this mean for those of us working with and for UHNW clients, and how will affect a professional realm so intrinsically connected to the highest levels of service, efficiency and discretion?
It’s a question that’s on many of our minds as we head into the second quarter of the 21st century, and there’s understandably a certain amount of paranoia linked to discussions surrounding AI. We caught up with Iain Beaumont, the director of VUMO Digital, who provides expertise and insight into AI solutions for high-end clients, in order to gain a more balanced and informed perspective on this most pressing of current issues.
Is there still space for human-led services?
Beaumont recognizes that AI, at its best, is a tool that we can – and inevitably will – use to our advantage, almost no matter which area or industry we work in. However, he believes it’s as important to recognize the limitations of AI as it is to embrace the myriad opportunities it presents for efficiency and execution. According to Beaumont, many of the concerns surrounding AI are relatively unfounded, simply because the idea that machines will fully replicate human interaction remains firmly within the realm of science fiction. As he states:
“Whilst AI can help interpret complex requirements and produce detailed summaries, the execution and delivery of service is likely to remain with humans. Why? Because we have an innate understanding of language, expression and individual idiosyncrasies that a machine simply cannot replace.”
This is especially pertinent for those working with UHNW individuals, as the time-honored value to building personal connections with such clients – which isn’t a mere preference, but which is fundamental to providing a trusted and elevated level of service – isn’t going to disappear overnight. As a tool, AI can enhance those factors that make living, breathing experienced professionals irreplaceable for the UHNW, while mitigating certain aspects such as human error and increasing productivity.
“AI is unlikely to replace the human connection that is essential for establishing and cultivating relationships within a UHNW environment. Despite this, it can aid efficiency behind the scenes in respect of both outreach and operational processes”.
Using AI as a competitive advantage
Bringing AI tools and solutions into one’s portfolio of service offerings isn’t just a good idea, it’s likely to become essential to progressing within a competitive marketplace – and it isn’t difficult to see how AI can assist with a wide array of once time-consuming or complex tasks.
Indeed, AI has proven to be particularly adept at processing vast amounts of information in order to predict potential pathways or anticipate likely outcomes of numerous scenarios; something which once relied on meticulous note-taking, manual cross-referencing and exhaustive efforts to stay on top of granular details which are so easily overlooked. Beaumont gives a neat example, and explains how AI uses data and pattern recognition to great effect.
“A repository of data (for example, relating to a UHNW client’s history with a company or brand) can be synthesized with the help of AI to understand past purchases, touchpoints and preferences. The same AI model would then be able to produce suitable recommendations for future engagement”.
Luxury services in a changing world
What, then, of the risks associated with this new horizon of machine-led services? We’ve all heard the doom-mongering surrounding the notion that AI will raze much of the employment market to the ground, offering free, ultra-fast and effective solutions that humans couldn’t possibly hope to compete with. Naturally, there’s a considerable amount of exaggeration surrounding such claims, but they’re based upon a trajectory that’s very much rooted in truth.
Beaumont has a fairly even-handed view on such scenarios, acknowledging that – in some cases – AI may just have the upper hand.
“UHNW clients who embrace AI technology may require less human assistance on tasks once completed by an individual. In fact, recent developments in the way virtual assistants can be automated may mean that some roles could disappear in the next five to ten years.”
However, Beaumont is keen to point out that just because AI can do something, doesn’t mean it has to. Ultimately, the choice to replace a human employee with an AI is exactly that: a choice. This has a particular resonance when it comes to those providing tangible services for UHNW clients, as the ultra-wealthy have a habit for associating more established (dare we say ‘old-fashioned’?) ways of completing tasks with the notion of luxury. The most obvious example to look at in this regard would be the role of the chauffeur within the emerging automated car scene. Could this quintessential luxury job survive in a world where AI literally takes the wheel?
“Automotive technology has started to master autonomy. However, I suspect that the company and confidence of a human behind the wheel may still remain the preferred medium for personal travel – it may even become a ‘flex’ in an age of driverless cars.”
Only time will tell, although we suspect – as Beaumont does – that the more we invite AI into our personal lives and workplaces alike, the more we’ll grow to value the authenticity, warmth and reassurance of human contact and reliability.
However, as mentioned, AI isn’t going away. As the world turns ever faster and the UHNW industries grow ever more demanding, accepting artificial intelligence as a tool with which to bolster one’s service offerings will increasingly become essential in a quickening and crowded marketplace. Beaumont summarizes this neatly with advice for those looking to progress their career in the digital age:
“With AI now prevalent and ubiquitous in most industries (to a greater or lesser extent), those who take the time to understand AI’s capabilities and integrate them into the way they conduct business will be the ones who get ahead.”
