{"id":5865,"date":"2020-05-05T16:44:18","date_gmt":"2020-05-05T13:44:18","guid":{"rendered":"https:\/\/www.profilesw.com\/insight\/exploring-ai-in-wealth-management\/"},"modified":"2024-11-28T12:43:40","modified_gmt":"2024-11-28T10:43:40","slug":"exploring-ai-in-wealth-management","status":"publish","type":"insight","link":"https:\/\/www.profilesw.com\/el\/insights\/exploring-ai-in-wealth-management\/","title":{"rendered":"Exploring AI in Wealth Management"},"content":{"rendered":"<h4>Tuesday, 05 May 2020 | By Aris Iliopoulos, Investment Managing Director at Profile Software<\/h4>\n<p>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\u2019s concerns, or isn\u2019t it?<\/p>\n<h2><span style=\"font-size: 18pt;\">Wealthtech reshaped<\/span><\/h2>\n<p>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.<\/p>\n<p>Therefore, as stated in the Capgemini study \u201c<a href=\"https:\/\/www.capgemini.com\/es-es\/wp-content\/uploads\/sites\/16\/2019\/07\/World-Wealth-Report-WWR-2019.pdf\" target=\"_blank\" rel=\"noopener\">Wealth Management Trends 2019<\/a>\u201d \u201cCustomers 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.\u201d 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 \u2013 Augmented Reality and Virtual Reality respectively \u2013 will spur proinvestments behaviour among millennials and drive new customer acquisition.<\/p>\n<h2><span style=\"font-size: 18pt;\">Benefits of AI in Wealth Management<\/span><\/h2>\n<p>According to the study, the adoption of such technology will empower advisors to focus on making their clients more engaged and in-touch with their finances. The benefits include better-educated clients as they can visualise the information whilst improving their overall wealth advice experience. In Deloitte\u2019s research about AI transforming the financial services, a few points stand out on how technology can improve the operational efficiency of institutions. Those related to the wealth management industry include:<\/p>\n<ul>\n<li>Automated operations: AI-enabled back-office operations are improved and deliver workflow-based results much faster<\/li>\n<li>Better customer approach: AI can introduce new ways to gain customers i.e. Robo Advisory<\/li>\n<li>Self-driving finance: Customers will be better educated, and readily available information will better drive communication<\/li>\n<\/ul>\n<p>It is a fact that \u201cCustomers would stay with an institution, not because it\u2019s hard to walk away but because their benefits are better there than anywhere else. Process efficiency will result from the interplay of human and artificial strengths.\u201d<\/p>\n<p>For three decades, Profile has been developing solutions for the Investment Management industry ensuring that wealth managers and their clients experience the latest technology and an automated environment that would benefit both. Find out more on <a href=\"https:\/\/www.profilesw.com\/products\/axia-suite\/\">Axia<\/a>, the omni-channel, cloud-based platform that supports automation, regulatory compliance and intuitive customisation tools spanning from dashboards to reporting and financial planning.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"featured_media":2813,"template":"","tags":[299,300,190],"insight_category":[227],"topic":[572,286],"class_list":["post-5865","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-ai-el","tag-robo-advisory-el","tag-wealth-management-el","insight_category-arthra","topic-artificial-intelligence-el","topic-investment-management-el"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exploring AI in Wealth Management - Profile Software<\/title>\n<meta name=\"description\" content=\"AI in Wealth Management is a pragmatic and real trend with firms deploying or delivering such services. 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