There are numerous case studies of how the AI tool ChatGPT, which will be released at the end of 2022, enables companies to work more efficiently. In which areas does the use of the chatbot also make sense in the fiduciary industry? In this blog post, you will find an overview of which tasks fiduciaries:in can outsource to ChatGPT.

Artificial intelligence (AI) is on the rise around the world. Especially the AI-based chatbot ChatGPT caused a sensation this year and thousands of companies in Switzerland work with it on a daily basis. Taking into account data protection measures, fiduciary companies can also use ChatGPT to automate tasks. For example, using financial data entered by fiduciaries, the AI tool can provide the basis for creating financial plans and forecasts, calculating financial ratios and helping to analyze business developments. In risk management, ChatGPT can identify potential financial risks and help fiduciaries develop risk mitigation or avoidance strategies. In compliance deadline monitoring and identification, ChatGPT can generate alerts for important deadlines or potential irregularities.

Reading tip: Find out how fiduciary companies can use the AI tool productively in their everyday work in the first part of the blog post series on ChatGPT.

Practical example: ChatGPT writes an information letter to fiduciary clients

One of the most important areas of application of ChatGPT in the fiduciary sector is currently marketing and communication. To test this, we asked ChatGPT to design an info-mail to existing fiduciary clients. The message of the message is that in the future communication should be exclusively via fiduciary software or e-mail.

Our input: Hello ChatGPT, could you write an info mail to my trust clients? It is about the fact that in future we will only communicate via trust software and e-mail.

ChatGPT proposes the content below. The only changes we have made manually are to the wording. In places we have slightly shortened the message.

Subject: Important information on future communication with our trust office

Dear clients

I hope you are well. Today we would like to inform you of an important change in our communication practices. In order to make our services more efficient and secure, we have decided to increasingly switch to digital communication via fiduciary software and e-mail in the future.

This change has several advantages:

  • Security: Digital communication via encrypted emails and trust software ensures the protection of your data and information.
  • Efficiency: The use of digital tools enables faster processing of your requests and documents.
  • Environmental friendliness: By reducing the number of physical documents and mailings, we jointly contribute to the protection of our environment.

How will the communication work?

Fiduciary software: In the future, we will increasingly use the trustee software to exchange documents, submit accounting information and track tasks. If you already have access to our trust software, you can continue to log in as usual. If not, we will contact you shortly to provide access details.

Email: Email communication will be an integral part of our service. You can contact us by email at any time to ask questions, submit documents or request information. Our email address is [your email address].

We strongly believe that this change will help make our services to you more efficient and secure. We thank you in advance for your understanding and cooperation during this change.

If you require any further information or have any questions, please do not hesitate to contact us.

Thank you for your trust.

Kind regards
Trust Company XY

As the case study shows, ChatGPT can relieve your trust company of time-consuming tasks when communicating with clients. In the case of the above letter, you would only have to replace individual phrases, carry out formatting and insert details. The AI tool can support you not only in writing information letters, but also in creating newsletters, answering client enquiries and making appointments. Always check and adjust all draft texts before sending them out. You could also have ChatGPT create social media posts or website content. This allows you to strengthen your trust’s online presence without having to expand your team.

Where does ChatGPT reach its limits?

In advisory services, on the other hand, the use of ChatGPT and other AI tools is not yet possible without considerable effort in terms of control and follow-up. In tax advice, for example, ChatGPT can only provide basic information and advice on tax issues, such as tax returns, tax regulations and tax saving opportunities. Based on given information, the chatbot can show an overview of tax saving opportunities and assist in assessing the tax implications of certain decisions. ChatGPT notes that its capabilities are based on text processing and that the tool cannot make legal or financial decisions. “Fiduciaries should use my information and suggestions as a starting point and have them reviewed by qualified professionals to ensure they meet specific requirements and laws,” ChatGPT writes.

Other technological innovations also lead to efficiency gains

For the automation of processes and process optimisation, however, accounting or fiduciary software solutions are already opening up new opportunities to drastically increase efficiency. The fully automated Swiss fiduciary software Accounto, for example, completely eliminates manual document processing, reducing the effort for you and your team to control tasks. With Accounto, you can store accounting rules and mandate-specific rules so that the accounting is optimally tailored to your clients.

Experience now a free live demo of how Accounto can make your everyday work more efficient.

Do automation and the increased use of AI tools mean that trustees will do away with themselves in the medium or long term? In short, no, but the work is shifting. If you can outsource repetitive tasks such as document posting to a stable and secure fiduciary software such as Accounto, you will have more time for personal advice and your fiduciary company can focus more on the needs of existing, potential and new clients. With services that are geared to the needs of your clients, you score more points with SMEs than with the handling of routine tasks, especially in economically uncertain times. According to a study by Treuhand Suisse and Accounto, the demand for consulting services from SME clients continues to rise.