It might not be long before you're taking financial advice from, well, a robot.
IBM is aiming to shake up the world of financial services with Watson, its artificial intelligence computing system, said Mike Rhodin, senior vice president of IBM's Watson's group, told CNBC.
The system is being adopted by banks and other financial institutions to be used for customer service and scaling wealth management.
A possible scenario: A customer would call (or text) their bank for more information about a mortgage rate and end up talking with Watson—really a Watson-based chat advisor application built for the bank. The app could even offer up a formal rate to the caller that could later be presented by a mortgage expert at a convenient time.
Companies are already using these kinds of for customer service purposes, and on Tuesday IBM announced a deal with Genesys that propels its move into the space.
Genesys, a customer service company, will use IBM's Watson system to better handle its clients' customers' needs. Banks will be the service's first clients.
"Genesys has a very strong footprint in financial services around the world...so this is a very straight forward use case, it's question and answer," Rhodin said.
IBM also sees Watson playing a big role in bringing wealth management to the masses.
"Right now, wealth management tends to be for the high net worth clients, all the way up to private bankers," Rhodin said. "What if you could take the expertise of your wealth advisors and build it into a system so that people could interact with the system to get the first parts of that conversation or the follow up parts of that conversation?"
"That's going to take the wealth advisor to scale. They are going to have more client interaction that doesn't have to be face to face or on the phone," he said.
Rhodin wouldn't name which U.S. banks are currently using Watson for wealth management purposes, but said the Singapore development bank DBS as well as the Australian bank Anz are already beginning to develop wealth management applications that are based on Watson.
"These are a little bit more complicated because it's more than just the question and answer. It's actually understanding the analytics behind it," Rhodin said. "So there's more work going on there, but those are in flight. And you are going to keep seeing more of these."