How to pick a name for your AI assistant

Financial firms are increasingly exploring the integration of artificial intelligence (AI) assistants into their services, presenting a modern approach to customer service and operational efficiency. A significant design consideration that these firms face is the naming of their AI tools. The debate centres on whether giving an AI a human name encourages user engagement or creates confusion about the AI’s capabilities.

Various financial companies have adopted differing strategies. Bank of America’s AI assistant, “Erica”, and Morningstar’s “Mo”, are both derived from their respective company names. In contrast, Carson Group and Shaping Wealth opted for distinct human names, “Steve” and “Lydia” respectively, each carrying unique strategic implications.

Bank of America rolled out “Erica” in 2018, focusing on enhancing user interaction. This AI assistant, which shares the last five letters of “America”, has seen significant engagement, with over 45 million clients interacting with it more than 2.4 billion times. Bank of America highlights “Erica” as a central feature in its mobile app, aiding clients by offering streamlined solutions to their inquiries. According to Inez Louzonis, head of Merrill Wealth Management platforms, the launch “laid the foundation for personalization at scale” within the bank.

Morningstar’s “Mo”, which launched in May 2023, also reflects the company’s branding. James Rhodes, Morningstar’s chief technology officer, explained that the name and human-like attributes, such as giving “Mo” a face, were intended to humanize the technology, encouraging both clients and employees to view it as part of the team. “Mo” is designed to handle a variety of tasks, such as answering product support questions.

On the other hand, Carson Group’s soon-to-launch “Steve” showcases a deliberate choice to deviate from the female-named norm, such as “Siri” and “Alexa”. Dani Fava, the chief strategy officer at Carson Group, noted the importance of challenging stereotypes associated with AI assistants traditionally bearing female names. “Steve” pays homage to Steve Synowiki, the firm’s director of training, as his expertise forms the foundation of the AI’s knowledge base.

Shaping Wealth and Alai Studios’ “Lydia” serves as both a conversational and advisory tool, utilising behavioural science to assist financial advisors in preparing for meetings and engaging in challenging discussions. Brian Portnoy, founder of Shaping Wealth, shared that the name Lydia is a nod to the history of currency, referencing the first coins from the ancient Lydian empire. Currently in its demo phase, “Lydia” is being tested within the company and by financial advisors, with expectations for a formal launch on the horizon.

Meanwhile, Morgan Stanley consciously avoided giving its AI tools human names to prevent misconceptions regarding the AI’s role versus human capabilities. According to Koren Picariello, head of generative AI strategy, the AI tools will operate under the umbrella of “AI @ Morgan Stanley”, ensuring clarity about their functions, such as Assistant and Debrief, rather than implying full human-like capabilities.

The diversity in naming strategies reflects broader industry narratives surrounding the adoption of AI in financial services. Implementing AI tools underlines the emphasis on making technology approachable and useful while navigating the complexities of user interaction and societal perceptions regarding AI roles. As firms continue to explore AI possibilities, these naming conventions represent a critical aspect of strategic deployment aimed at enhancing user comfort and service efficiency.

Source: Noah Wire Services