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New Whitepaper: Applying Artificial Intelligence in UK Wealth Management - an Evolutionary Tale

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by The Wealth Mosaic
| 15/06/2023 12:13:37

As a part of our WealthTech Insight Series (WTIS) and in partnership with Umlaut and IAWMC, last month we published a new research-led whitepaper focused on the potential of AI, its future applications and whether it will have a transformative effect in UK wealth management.

Much has been made of the opportunities and possibilities afforded by Artificial Intelligence (AI) in its various guises. Barely a day goes by where we don’t hear about the remarkable efforts around personalised services by the Netflix and Amazons of this world, about how algorithms are becoming ever more efficient at credit scoring or detecting fraud off the back of any number of data sets, how Robo assistants are evolving as a credible partner to helplines, and how ChatGPT will evolve to be capable of writing essays.

That’s the theory anyway, but how much of this is being done well and can be applied to the wealth management industry in the UK is another matter entirely. The most pressing question around AI seems to be that users need to trust the underlying data. In an uncertain world, we know that inaccurate data will equal inaccurate results. Hence this is the starting point. Accurate data makes for a rich data output that wealth managers can rely on to make decisions and inform processes.

Heavily dependent on personal service and the human touch, there is no doubt that the wealth industry has had to wake up and smell the coffee, so to speak (would it also like a pastry with that?). Indeed, this is an industry that is known less for its technical prowess and more for its multiple data sets, legacy systems and processes, and general latency. So, the level and speed of technological adoption in recent years have been rapid in comparison to what has gone before.

What has gone alongside that is the recognition that just because something is possible, it is not automatically a good idea or, if it is a good idea, it still needs to get in line alongside every other competing area for improvement. In an era of competing pressure where seemingly everything needs fixing at best and totally reimagining at worst, then people are reluctant to push too far forward and prefer to keep abreast of developments in what is, realistically, a relatively nascent area.

In practical and psychological terms, starting small and making strategic and specific steps is a must. In integrating AI into their functions and processes, firms need to first understand what they are trying to achieve and identify the steps that will lead to the desired result – a result that can then be scaled successfully.

How then will things pan out? Finding that out is the aim of this research-led paper. Read the whitepaper online or download here


PARTNERS IN RESEARCH

Umlaut Solutions

Umlaut Solutions is a leading provider of intelligent document processing, Machine Learning and Artificial Intelligence-powered data automation solutions, specialising in the banking, financial services, and insurance (BFSI) industry. Having implemented solutions into 500+ wealth management practices, we have a strong ongoing focus on innovation and technological excellence. Umlaut Solutions leverages the latest advancements in AI and ML to help organisations streamline their data processes, improve accuracy, and drive operational efficiency.

Umlaut Solutions’ approach prioritises human-centred design and scalable technology to deliver better outcomes for all stakeholders. By understanding business needs and user requirements, we build solutions that are both technically sound and intuitive. Our solutions are adaptable to changing business needs and designed to continue delivering value as the organisation grows. With a focus on user experience, our solutions contribute to positive business outcomes and position clients for future success. Find out more at www.umlautsolutions.com

IAWMC

IAWMC is a niche management consulting firm providing services to wealth managers, private banks, family offices, asset managers, software vendors and service providers such as third-party administration firms. We differentiate ourselves from our peers and competitors by providing pragmatic and cost-effective consulting services to our clients by utilising our broad and deep knowledge of the financial services industry in which we operate. Find out more at www.iawmc.com