CogniCor, the leading provider of artificial intelligence-powered digital assistants for highly regulated industries, today announced the launch of a highly customizable and scalable knowledge graph designed for wealth management firms employing AI-powered digital assistants to streamline their user-support functions. The new knowledge graph gives AI-enabled digital assistants crucial context and background information to support RIAs and IBDs, enabling them to learn quickly and integrate seamlessly into firms’ operations.
Knowledge graphs are conceptual maps that group together firm- and industry-specific topics, terminology and content to give AI-enabled solutions a knowledge base to interpret user intent and return guidance that fits their needs. Without them, AI algorithms must learn from scratch, at times an inefficient process that may not lead to optimal responses.
CogniCor Founder and CEO Sindhu Joseph said, “Knowledge-graph-enabled digital assistants are particularly useful in the wealth management industry, where even seemingly simple processes, like filling out an address change form, are complicated by stringent regulations. Additionally, each firm has its own processes and nomenclature, making it a priority for support functions to be able to provide firm-specific guidance immediately. The nature of the wealth management industry necessitates user support functions that can provide help efficiently and at scale – and knowledge graphs make that possible.”
CogniCor’s digital assistants can mitigate the volume of calls from users to live call-center staff without affecting the critical mid- and back-office functions they need to drive business. The company’s client firms have reduced support calls by 25 percent and achieved more than 80 percent first-call resolution with the company’s suite of digital assistants. CogniCor’s digital assistants do not eliminate the need for user support staff but instead allow the team to focus time and resources on complex requests, enhancing overall service to all users.
The launch of the wealth management knowledge graph follows another recent announcement from CogniCor in October on the launch of the first-ever knowledge graph for insurance companies. Both the wealth management and insurance sectors feature highly specialized regulatory concepts and terminology, making them ideal for knowledge graph-enabled AI-solutions.
Dr. Joseph concluded, “Due to the crucial role they can play in training algorithms, knowledge graphs are key to the greater adoption of AI, not just within the wealth management industry, but also across functions in different sectors. Traditional AI takes a ‘brute force’ approach to machine learning that ultimately limits the potential of this technology. CogniCor is proud to be at the leading edge of the AI movement, developing the solutions that remove the barriers that hinder its capabilities.”