Applying technology to Wealth Management’s most persistent problems
Wealth managers have been struggling with key issues throughout the client lifecycle that have proven to be intractable, expensive, and persistent year after year. Digital technology is now allowing businesses to solve some of these tough problems with flexible solutions that bring customer impact, increase relationship managers’ productivity and improve compliance while reducing cost.
These challenges can be addressed by applying technologies like Natural Language Processing (NLP), Natural Language Generation (NLG), Robotic Process Automation (RPA), Data Science, Machine Learning / Cognitive Learning, Biometrics, Virtual Reality, and others. However, embracing these changes often requires Wealth Management firms to rethink their business strategies, operating models, products and services, and technology approaches to compete with FinTech-enabled businesses, shifting customer expectations, and new regulatory regimes.
Here are a few key areas where Wealth Mangers can and should be considering new Wealth Tech-enabled approaches.
Customer Experience Considerations
The Wealth Management industry as a whole is seeing a push for increasingly digital-enabled solutions, which is forcing global banks to reinvent themselves. FinTech challengers are looking for new, digital approaches that allow them to create more targeted, personalized, and memorable client experiences. Gamification, Augmented Reality (AR) and Virtual Reality (VR), Investor Portals, and other Digital platforms are providing new experiences for customers.