eNewsletter Autumn 2019
Financial companies are gradually adopting artificial intelligence (AI) moving to the new digital era as well as supporting automation and robo-advisory to better succeed in today’s competitive landscape. In Deloitte’s research “AI leaders in financial services”, the advantages for organisations leveraging AI highlight a strategic approach that would reduce cost, focus on customer opportunities and experience better data processing.
It is also stated in the report that “a sizable number of frontrunners had launched an AI center of excellence, and had put in place a comprehensive, companywide strategy for AI adoptions that departments had to follow”. Such companies are investing more in AI than all other companies. This allows them to achieve much more than cost efficiency and improved productivity. AI also helps oganisations concentrate on revenue and customer service, setting new goals, including creating new products and pursuing new markets.
According to Deloitte’s report “Tech Trends 2019” “as AI technologies standardise rapidly across industries, becoming an AI-fueled organisation will likely be more than a strategy for success – it could be table stakes for survival.” It is becoming apparent that the companies are adopting AI tools to increase productivity, experience automation and meet regulatory compliance while focusing on achieving their strategic goals. More specifically, the main benefits are summarised below:
- Enhancement of current products
- Optimisation of internal processes
- Better decision-making
- Improvement of external operations
- Letting workers be more creative.
Being at the forefront of technology Profile Software’s Axia Robo Advisor omni-channel solution, delivers modern and workflow-based functionality to perform online, all needed wealth management operations, for both the investor and the firm. Its advanced design allows for complete automation in client onboarding, compliance, risk monitoring, portfolio construction and rebalancing, supporting a full self-service or hybrid advisory model offering, depending on the firm’s business requirements.