The new Vanguard CEO emphasizes the importance of enhancing customer experience and believes AI can aid in this effort.

• In recent years, criticism about Vanguard's customer service has emerged, despite its reputation as a low-cost and investor-friendly brokerage firm.
• Artificial intelligence could aid in scenario planning and digital onboarding, as suggested by the CEO.
• Jack Bogle founded Vanguard, and the new CEO has not shown any signs of a significant cultural overhaul.

The CEO of Vanguard stated on Monday that the company could enhance its customer service experience by utilizing artificial intelligence.

Vanguard, known for its low-cost and investor-friendly services, has faced criticism about its customer service, particularly the difficulty in reaching a representative on the phone.

On Monday, CEO Salim Ramji informed CNBC's Bob Pisani that enhancing the customer experience is a top priority for him and that artificial intelligence appears to be a promising solution.

The enhancements in client experience that we have observed recently can be attributed to the application of machine learning or AI, as stated by Ramji, who assumed the leadership position on July 8.

AI could aid in scenario planning and digital onboarding, as suggested by the CEO.

He stated that there are numerous live experiments and pilots currently taking place.

Vanguard, a privately owned asset management firm based in Malvern, Pennsylvania, has appointed Ramji as its CEO, marking the first time an outsider has held the position. Ramji previously worked at BlackRock, a rival firm, and has a reputation for driving down the cost of investing. Despite being a key player in the industry, Vanguard is known for launching new products and services at a slower rate than some of its public market peers.

The new CEO of Vanguard has not shown any signs of intending to bring about a significant cultural shift, as the company was founded by Jack Bogle, the pioneer of index funds. Similarly, Ramji, the CEO of BlackRock, has stated that he does not plan to launch a bitcoin ETF, which has been highly successful.

Ramji stated that he wished to maintain the company's sense of purpose and mission.