Research – “Applying Artificial Intelligence in Wealth Management: Compelling Use Cases Across the Client Life Cycle”

Wendy Spires ClearView Financial Media Global Head of Research 8 December 2017

Research – “Applying Artificial Intelligence in Wealth Management: Compelling Use Cases Across the Client Life Cycle”

Our new report, produced in partnership with Finantix and EY, cuts through all the hype about Artificial Intelligence to explain solid use cases for the technology that wealth managers should be embedding into their strategies today.

According to WealthBriefing research, 43% of wealth management professionals globally see AI technology offering great potential to improve investment performance and risk management. However, AI can improve efficiency, client experience and outcomes by being injected into a whole range of decision-making and information management processes within wealth management firms. And one takeaway from our conversations with industry practitioners is that AI isn’t something that is still in the laboratory: it is being used right now.

Written in eight parts, taking the reader on a journey through the whole client life cycle, this cutting-edge report seeks to identify elements of the institution and advisor’s workload that are ripe for AI amelioration, and points to the best course of action for firms seeking to maximise the competitive advantages offered by this new technology. Expert opinion from AI experts, along with interviews with senior wealth management executives enrich each chapter, answering crucial questions on risk, KYC, AML, compliance, portfolio management and more.

In the first part, “AI’s Role in Augmenting Professional Services”, we look at how AI is being used to improve the delivery of professional services and lighten advisors’ workloads rather than replacing highly-skilled professionals. The second chapter concentrates on leveraging AI for lead generation and management purposes, such as where a technology known as Natural Language Processing is being used to precisely target prospective clients who fit a firm’s offering.

The use of AI to effectively engage with prospective clients is the subject of part three, delineating how dynamic profiling prior to (and maybe even during) meetings is used to really resonate with them and eventually win their business.

Chapter’s four and five take us into the realms of client discovery and customising portfolios, before the subject of using AI to cost-effectively personalise relationships is tackled in Chapter six.

Chapter seven then looks at how AI can make sophisticated segmentation techniques a reality, shining a light on why client segmentation has fallen down in wealth management thus far, and how NLP and other technologies are being used for ‘granular client profiling’ and product and service innovation.

We finish the eight-part report by examining the regulatory implications of using AI in wealth management, and analyse where legislation covering AI is heading generally.

AI is poised to help wealth managers really deliver on the most important parts of their value proposition, massively improving advisor productivity and the client experience, while also driving down business risk. Discover how your firm can benefit by reading our cutting-edge but eminently accessible report today.

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