Professional trustees are using artificial intelligence for wide range of functions, according to research by Hymans Robertson.
Such trustees saw AI as particularly important for data management, simpler processes and help with decisions.
Many firms were also found to have embedded AI in the management of schemes, but some used it only for back-office work. Others were proceeding cautiously and still testing pilot projects. Professional trustees were also more likely to use AI for sole trustee appointments, where all the decision-makers have access to the same in-house tools.
Shani McKenzie, head of sole trustee services at Hymans Robertson, says: “We’ve held conversations with professional trustee firms across the market, under the banners of regulation and recruitment. As demand grows and budgets tighten, firms told us that they’re increasingly turning to technology as a practical way to create capacity without diluting the judgement and collaboration that good governance depends on.”
McKenzie also asserted that as technology improves the ability to manage complex work, one sentiment expressed strongly by trustees was that technology won’t remove the need for skilled people. Instead, it will raise the premium on professional judgement, oversight and communication, and also create capacity within firms.
One firm flagged that members might be using AI to summarise communications they receive from their schemes, and said that it’s important for trustees to be in control of the messages reaching members.
