AI Revolution: Brightwave's Mike Conover on Replacing Tedious Work

In the rapidly evolving world of finance, artificial intelligence (AI) is no longer a futuristic concept but a present-day reality reshaping how financial firms operate. Mike Conover, the founder and CEO of Brightwave, an AI diligence platform, recently shared his insights on how AI is transforming the financial sector at the Future Proof CityWide Miami event. Conover's vision for AI is not about replacing human intelligence but about augmenting it, making financial professionals more efficient and effective.

Conover's background in AI and data science, coupled with his extensive experience at companies like Databricks and Workday, positions him as a thought leader in the field. His work at Databricks, where he created Dolly, a language model that demonstrated the ease of building large language models (LLMs), showcases his expertise in developing advanced AI systems. This expertise is evident in Brightwave's approach to AI, which focuses on practical applications that enhance workflow efficiencies and client satisfaction.

One of the key challenges faced by financial firms is the processing of large volumes of documents. Conover explains that Brightwave's AI technology addresses this challenge by automating the analysis of complex datasets. The platform uses Retrieval-Augmented Generation (RAG), an AI technique that pulls in relevant information from multiple sources, such as SEC filings or market news. This approach ensures accuracy and provides grounded, factual insights that enhance the reliability of AI-generated content.



Conover emphasizes that AI systems are not a replacement for good judgment but rather a tool to augment human capabilities. "Technology enables humans to concentrate on what they do best," he says. By automating routine tasks, AI frees up wealth managers to focus on higher-value, client-centric activities, leading to tailored insights and improved client satisfaction. This not only saves time but also allows wealth managers to proactively meet client needs and adapt strategies, thereby enhancing client trust and investment performance.

The impact of AI on the job market is a topic of much debate. While some fear that AI will replace jobs, Conover argues that it complements human intelligence. "We’re seeing a similar seat change with respect to high-volume, tedious ground work that historically there’s been no alternative for, but now we have systems that can get you to the fifty-yard line much faster," he explains. This perspective is supported by data from the McKinsey Global Institute, which predicts that by 2030, activities that account for up to 30% of hours currently worked across the U.S. economy could be automated. However, this automation is expected to create new jobs and enhance productivity in existing roles.



Conover's vision for Brightwave is to equip financial professionals with tools that are not only powerful but also intuitive and easy to integrate into their daily operations. At the Wealth Management EDGE Conference, he described AI systems as "partners in thought" that enhance workflow efficiencies and client satisfaction. By automating routine tasks, AI frees up wealth managers to focus on higher-value, client-centric activities, leading to tailored insights and improved client satisfaction.

In conclusion, Mike Conover's insights on AI's role in the financial sector highlight the transformative potential of this technology. By automating tedious tasks and augmenting human capabilities, AI is set to revolutionize the way financial firms operate. As Conover puts it, "We have systems that can get you to the fifty-yard line much faster," and Brightwave is at the forefront of this AI revolution.