The Wealth Management industry has only just begun to realize the impact of AI. It is still coming to terms with adopting the readily available solutions that aid portfolio managers and help streamline processes. However, the FS landscape is evolving to include advancements such as open banking, better accessibility of third-party market, growing interest in ESG investing, and other dynamic changes. As the landscape changes, wealth management firms stand to discover and invent newer roles for themselves in customer relationship journeys. This emerging definition of WM roles can greatly benefit, by building upon the unprecedented functionality provided by AI solutions, particularly in newer areas, like algorithmic trading and real estate investing.9
With the plethora of AI use cases still available to be piloted, we have only scratched the surface of what could be a transformed wealth management industry.10
Sources
- https://www.finextra.com/the-long-read/339/wealth-management-will-see-an-ai-revolution-in-2022-delivering-hyper-personalisation-at-scale
- https://investor.vanguard.com/advice/digital-advisor
- https://intelligent.schwab.com/
- https://earlymetrics.com/hyper-personalisation-in-wealth-management-a-trend-to-watch/
- https://www.forbes.com/sites/cognitiveworld/2020/01/09/how-ai-and-robotics-can-change-taxation/
- https://www.aitax.com/
- https://fintech.global/AIFinTechForum/deutsche-bank-wealth-management-to-implement-finantixs-kyc-solution/
- https://www.analyticsinsight.net/goldman-sachs-is-betting-on-artificial-intelligence-to-dive-growth/
- https://www.datarobot.com/blog/ai-for-real-estate-investment/
- https://sloanreview.mit.edu/article/the-pursuit-of-ai-driven-wealth-management/