THE DIGITAL EVOLUTION OF WEALTH MANAGEMENT: How emerging technologies can improve the user experience, while cutting costs and boosting revenue
An increasing number of wealth managers are using new technologies to make their operations more efficient and to increase customer satisfaction.The technologies they are implementing include robotic process automation (RPA), chatbots, machine learning, application programming interfaces (APIs), and explainable AI.
Here are some of the key takeaways from the report:
- Startup wealth managers and digitally savvy technology suppliers are bringing emerging technologies to the fore to make wealth management more time- and cost-efficient. These include RPA, machine learning, and AI. Big players in the space are also beginning to wake up to those opportunities.
- The technologies can improve consumer-facing elements of wealth management, like onboarding and customer service, to increase customer satisfaction.
- Machine learning and APIs can help wealth managers improve functions like portfolio management and compliance, and help them better stay on top of regulations, and increase customer satisfaction by offering improved and additional services.
- However, there are some challenges wealth managers are facing when implementing these tools, ranging from a lack of customer trust in emerging technologies to difficulty finding appropriate talent.
- Outlines how the wealth management industry is implementing emerging technologies.
- Details which technologies they are using, and what their specific benefits are.
- Discusses the potential challenges wealth managers are facing when implementing new technologies.
- Highlights what wealth managers need to do to stay relevant in the field.
- Minor tremor felt in Jammu & Kashmir, no casualty or damage reported
- International Women's Day 2021 messages and wishes
- Budget session of T'gana Legislature likely this month: CM
- Ashwin tops the record for receiving the Man of the Series award maximum times in Test Matches from India
- India beats England in 4th Test, series 3-1, enters World Test Championship final