4 June 2024 – Increased trust in the advisor, increasingly loyal clientele and a better reputation for the bank. Roger Portnoy, Chief Strategy Officer of Objectway, tells AziendaBanca how the integration of AI into wealth management processes can improve the relationship between banks and customers.
The integration of artificial intelligence and process automation into wealth management can undoubtedly streamline advisor workflows, relieving them of administrative tasks to better focus on the client relationship.
A win-win relationship
Thanks to AI, the consultant also has a deeper understanding of the client's needs and preferences, in order to offer tailor-made solutions in a proactive way. "This not only improves the advisor's value proposition, but also strengthens the bank's position as a trusted financial partner," notes Portnoy. The integration of AI components into the technological tools available to advisors increases the efficiency and accuracy of decision-making, to achieve the best results in terms of investment and risk management. And it benefits the bank's reputation."
Winning over the next generation of investors
Among the great challenges of WM, there is also the conquest of customer segments that are not yet fully covered, such as affluents and the new generations. "For them, technology is fundamental: banks can therefore provide user-friendly mobile apps and interfaces and take advantage of AI and machine learning algorithms to analyse large amounts of data, adapting their offer to the specific needs of each segment," Portnoy points out. Education and financial accessibility also come from new technologies: accessible investment platforms, interactive tools and tutorials can be created to allow clients to make informed decisions. Important, especially for the new generations, is the integration of ESG criteria, for sustainable and ethical investments."
Ongoing technological projects
In wealthtech, artificial intelligence components offer new fields of application and innovation. "From the optimisation of portfolios and risk within portfolio management processes," Portnoy observes, "to the processing of client orders. We are using deep learning technologies to manage unstructured data in different types of documents and communications, along with hyper-automation solutions for investment compliance: these solutions accelerate the correct application of investment rules to client orders, with pre- and post-trade rules for processing."
Focus on onboarding and virtual assistant for advisors
In addition, through the use of Large Language Models, Objectway is working on solutions to improve customer onboarding. "The goal is to facilitate customer acquisition and conversion, fact-finding, financial planning and adequacy," explains Portnoy. While for consultants, we are working on virtual assistance solutions that offer guidance and information to define the next best action. Finally, RPA and process intelligence automation, through low-code frameworks, will be incorporated into fund administration and transfer agent solutions."
"This transformation also modifies the traditional dynamics with banks and advisors in several ways. Having more time to spend interacting with the client fosters strong and long-lasting relationships, helping to increase the client's trust and loyalty to the advisor and bank." Roger Portnoy, Chief Strategy Officer, Objectway
Read the original article here.