Article posted on AdvisorPerspectives

There’s interest and passion about how AI will impact financial advisors. I experienced both when I posted my views on LinkedIn recently. My post generated over 50,000 views.

A dominant theme for those who don’t feel threatened by AI is that clients will always need “the human touch.” As stated by one advisor: “None of my clients dream about using a sentient robot.”

I’m not so sure.

While the ability of humans to demonstrate empathy is invaluable, few appreciate the impact of “artificial empathy,” which is incorporated into AI and is likely to become more sophisticated.

Here’s why you should care about artificial empathy.

What is artificial empathy?

Artificial empathy refers to AI systems’ capacity to interpret and respond to human emotions seemingly empathetically. This technology, driven by algorithms and data analysis, allows AI to emulate the expressions of empathy, though it lacks the depth of genuine human understanding.

Current applications

Artificial empathy isn’t just a theory. Here’s how it’s currently being used:

Robotic pets: Robotic pets respond to human interaction, offering companionship without the demands of real pets.

Therapy and mental health: AI-driven chatbots provide basic therapeutic support, guiding conversations empathetically.

Medical advice: In telemedicine, AI systems offer empathetic medical advice and analyze patient data and symptoms.

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