Wealth management sector is under tremendous transformation thanks to technological advancements. Technology continues to play a significant role in wealth management as it improves the returns and creates added value to the service providers and investors alike. Cognitive technologies such as artificial intelligence, machine learning and data analytics will change the way wealth management and stock valuations are analyzed. Combining advanced AI algorithms along with RPA will result in the solutions becoming self-learning and independent, especially in the areas of financial literacy, portfolio management and financial planning.
Solutions are being developed to reduce negative cognitive biases that affect investments and hurt margins. Organizations are combining advanced features with their solutions to help wealth management firms in growing their businesses effectively. Wealth management firms are also beginning to study their prospective clients’ prior investment patterns, behaviours and values to provide the best-fit product s and services to their customers.
Technologically advanced service providers are utilizing VR and AR to visually educate clients on investment performances and the potential future impacts of their investment decisions. Apart from providing clients and advisors with virtual trading experience, cognitive technologies are also being used to visualize massive sets of data for organizations to make informed decisions. With IoT and big data, organizations can obtain the clients’ expenditure data with the information that is consolidated from the sensors in the connected devices. This enables providers to personalize better their services based on the clients’ requirements and the returns needed by them to maintain or improve their wealth.
Organizations are turning toward services using chatbots and virtual assistants that can understand customer queries to be able to guide the clients according to their demands. AI-based tools that can be integrated with an organization’s existing system are being developed to provide recommendations to clients with varied tax situations, wealth-structuring preferences and values. Services are being designed to secure a clients’ financial future and initiate a solid plan to achieve financial goals. Some of the areas that utilize these services include retirement planning, investment management, tax, estate and college planning.
Wealth management advisors are also making use of customized wealth management platforms which contains engaging features to attract clients. With an active portfolio management structure, advisors can focus on growing their business as the platform takes care of their numerous requirements. The services platform streamlines dozens of time-consuming tasks while reducing the costs effectively.
With technological evolution redefining wealth management, organizations must invest in the right provider that caters to their specific requirements. Analyzing the company’s offerings, competencies, and achievements, the editorial team of Banking CIO Outlook has put together a list of wealth management service providers who are at the forefront of providing cutting-edge technology solutions.
We present to you “Top 10 Wealth Management Technology Consulting/Services Companies-2019.”