Raymond James has announced the launch of a new proprietary artificial intelligence tool called Rai, created to provide financial advisors with curated natural language answers and guidance for operational questions.
Raymond James CEO Paul Shoukry said in a statement that the new tech reflects the firm's strategy of applying artificial intelligence to enhanced service models and secure, scalable applications that empower professionals and financial advisors across the firm.
"We will continue to deploy our multi-year investment in AI tools and capabilities while steadfastly preserving the personal relationships that remain at the core of our business," Shoukry said, citing the firm's pledge to spend $1 billion a year on technology development.
As detailed in the announcement, Rai is an interactive question and answer generative AI chat experience that brings together insights from across Raymond James systems and policies to support informed decision making. The technology maintains "full human-in-the-loop oversight."
The AI agent learns over time to consider its user's role, according to the announcement, factoring in specific responsibilities and entitlements to deliver a personalized experience.
Rai has undergone a successful a successful pilot deployment, the firm says, and it will now become available to additional business units. There are further plans for an enterprise-wide roll out in the coming quarters.
"[This] implementation is the first of several phases that will thoughtfully integrate Rai into our systems and optimize processes firmwide," added Stuart Feld, chief AI officer at Raymond James. "Across our suite of AI-driven technologies, we continue to see high associate utilization rates with more than 10,000 regular users of conversational AI."
Feld noted other recent AI enhancements made by the firm, including an AI-powered note assistant, Zoom AI meeting summaries, generative AI-based search capabilities and secure access to ChatGPT and Microsoft Copilot.
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