Heightened human touch disrupts wealth management

Updated: Oct 4, 2020

Wealth managers and asset management companies have not been front runners in digital technology adoption. But Covid-19 has accelerated this transformation allowing exciting next-generation technologies to be embraced by the industry, making wealth managers data-driven client advisors.

Companies definitely need to leverage data analytics to enhance their operations and customize client experiences. By leveraging predictive analytics and historic datasets, they can build accurate forecasting models with scenario-based outcomes. Through data deep dive and algorithms they can estimate and forecast returns as well as examine forecast assumptions and accuracy.

Wealth management forces of change

In order to effectively implement digital tools, there needs to be a long term strategy that takes both business goals and customer needs into consideration. The rise of Robo advisors, tech-savvy millennial clients, and a generational shift in wealth transfer, are just some of the disruptive forces causing incumbents in wealth management to rethink their products and strategy. Organizations need to look closely at defining digital roadmaps that don’t create confusion or disconnect between internal goals and end-user goals.

It is important to understand the true breadth of a digital tool in order to implement it successfully. Working in alignment with the customer needs and expectations to remain relevant is the key, and creating a feedback loop with customers, and internal stakeholders, helps create products and experiences the clients want and need.

Emerging technologies like artificial intelligence are leading the quest to digitize wealth management

Artificial intelligence will transform wealth management

Emerging technologies like artificial intelligence are leading the quest to digitize wealth management. Artificial intelligence processes tons of data, real-time, to draw conclusions and allow more accurate financial projections. Thus, by leveraging AI, wealth managers can make well-informed recommendations and projections.

It enables advisors to have a full view of their client’s wealth management goals and helps fine-tune their strategy for high net worth clients.

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