Salim Ramji, Vanguard's new CEO, focuses on using AI to improve customer service and digital onboarding
Vanguard's new CEO, Salim Ramji, stated on Monday that the company aims to use artificial intelligence to enhance its customer service, as reported by CNBC.
Vanguard, known for its low-cost and investor-friendly approach, has faced criticism over its customer service, with common complaints about difficulty in reaching representatives by phone.
Ramji, who took over as CEO on July 8, prioritizes improving the customer experience and views AI as a key tool.
He mentioned, “A lot of the improvements that we’ve seen recently in some of the client experience has been due to applications of machine learning or instances of AI.” He sees potential for AI in areas like scenario planning and digital onboarding, with several live experiments and pilots already underway.
Ramji, previously with BlackRock, is the first external CEO for Vanguard, which manages around $9 trillion in assets.
Ramji does not plan any major cultural shifts at Vanguard, a company founded by index fund pioneer Jack Bogle.
For instance, he has no intention of introducing a bitcoin exchange-traded fund, unlike BlackRock. “I want to continue the sense of purpose and mission of the company,” Ramji stated.
