Cetera announced on Wednesday that it is launching facial recognition software as part of its client discovery process. The new tool, Decipher, will use facial recognition and cloud-based artificial intelligence technology to measure clients' responses to hypothetical scenarios presented in a video.
The tool can be used on any device with a built-in camera. Clients and prospects will watch a personalized video, and the tool will use facial recognition technology to measure their emotional response to the scenarios presented. The client or prospect and the advisor will each get a report detailing the needs and priorities identified by the tool.
Cetera is working toward providing an "advice-centric experience" for advisors and clients, according to Robert Moore, chief executive officer of Cetera Financial Group.
"When we say 'advice-centric experience,' it means an understanding of the level of transparency, alignment and depth that will be expected in the future amongst clients, advisors and the relevant firms that are affiliated with those relationships," he told ThinkAdvisor on Tuesday.
The tool is designed to be used at key discovery points throughout a relationship with a client, Moore said.
"This is designed to draw out or gain access to those emotional responses that often go overlooked or aren't as readily discernible, but it ultimately still has to come back to a human relationship and a dialogue with clients that helps solidify the approach around the financial plan," he added.
Moore believes improving clients' experience with advisors this way is important to the long-term sustainability of the industry.
"That is the future of this industry. That is a necessary step forward in redefining advice and in the delivery of relationships that are engaging and relevant to the end client."
