articles | 05 May 2020 | Profile Software (Cyprus) Ltd

Exploring AI in Wealth Management

Much has been discussed and published on the use of AI, RPA and ML for the benefit of the Wealth Management industry. The Robo Advisory evolution is a pragmatic and real trend with firms deploying or delivering such services.

However, the investment management sector heavily relies on customer preferences as well as on the ability of the sector to adjust to industry standards, so technology evolution is usually the least of the Wealth Management firm’s concerns, or isn’t it?

How has technology reshaped the industry in the past decade? Back in 2010 many firms were using inhouse infrastructure whilst mobile communication was considered risky for their clients. Since then, countries with strict confidentiality status have experienced changes and today firms appreciate that HNWIs have become more tech-savvy and are seeking access to information, instantly and accurately.

Therefore, as stated in the Capgemini study “Wealth Management Trends 2019” “Customers are the heart of the wealth management business. With changing customer preferences, it becomes mandatory for wealth managers to fulfill evolving demands and in most cases pre-empt them to stay ahead.”

Important to achieve this is to gain access to customer data that would deliver powerful insights, improve client engagement by leveraging artificial intelligence, processes automation and personalisation toolkits. Open APIs can facilitate this by enhancing data collection and sharing of information, while technology can ensure compliance both in terms of regulation, as well as risk factor analysis. AR and VR – Augmented Reality and Virtual Reality respectively – will spur pro-investments behaviour among millennials and drive new customer acquisition.

This article was originally published on (05.05.2020)

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