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As wealth managers, banks and others in financial services consider how to use AI, the Canada-based group, which operates in Asia as well as the US and its home country, explains how far the AI wave has spread in its own operations.
Toronto-headquartered Manulife, which operates in a
number of regions including Asia-Pacific, broadcast its digital
efforts by announcing that more than three-quarters of its global
workforce use generative AI.
Uses of GenAI include ChatMFC, Manulife’s proprietary GenAI
assistant introduced in 2024.Â
“AI is transformative, and it is creating efficiencies for how we
work, create, and interact with one another,” Jodie Wallis,
global chief analytics officer, Manulife, said. “By equipping our
teams with GenAI tools, we’re enabling them to work smarter, move
faster, and make a bigger impact. We’ve doubled our AI-driven
impact by diversifying and expanding solutions, strengthening
data and AI platforms, and practising responsible AI governance,
proving that our teams see real value.”
As this news service has explained in a series of articles, AI
use cases vary widely. Many of the steps for advisors at a
private bank and wealth management firm involve pulling together
disparate information, often supported by different tech stacks.
This then needs to be synthesised to generate insights.
Generative AI can quickly process all this, saving advisors hours
of time. UBS chief executive Sergio Ermotti has said that AI
could boost productivity and make jobs easier.
Manulife said it has made a multi-billion-dollar investment in
its digital transformation including a cloud-based data and AI
platform and scaled AI solutions. Besides ChatMFC, Manulife said
it has developed a skills-building programme to “empower
colleagues at all levels to understand, experiment with, and
apply AI effectively.” It said that more than 35 GenAI use
cases across Canada, the US, and Asia have been deployed to date,
with an additional 70 GenAI use cases prioritised
for deployment by the end of 2025.Â
“AI is driving efficiency, fuelling growth, and strengthening our
bottom line globally,” Karen Leggett, global chief marketing
officer, Manulife, said. “By embedding AI at scale, we’re not
just optimising operations – we’re empowering colleagues to
deepen customer relationships, improving advisor connections, and
unlocking new revenue streams.”
ChatGPT, the AI language recognition software, is being used at
wealth managers, for example, to generate content such as client
emails, marketing materials, business proposals, blogs and social
media posts. Other use cases being developed include lead
generation, compliance review, client reviews, alerts and
follow-up, call centre automation, CRM workflow actions and
portfolio reviews. This news service has examined cases such as
the use of “co-pilots”.
In late February, GReminders, a meeting and automation
management platform for financial advisors, launched “Ask
Anything,” an example in the US of the sort of AI tools that are
proliferating in wealth management.Â