Panel participants:
- Dr. Boris Rankov, VP Product Management & Strategy, InvestCloud
- Milica Lasic, EMEA Banking Industry Lead, AWS
- Vincenzo Chiochia, Director, Head of AI & Data Banking Practice, Deloitte
- Jonathan Hayes, Programme Lead Gen AI, Julius Baer
Artificial Intelligence (AI) is revolutionising wealth management by enhancing decision-making, improving efficiency, and personalising client experiences. AI-powered algorithms analyse vast amounts of financial data, market trends, and client profiles to provide actionable insights and optimise investment strategies.
Additionally, AI has the potential to streamline administrative tasks, such as compliance and reporting, allowing financial advisers to focus more on strategic planning and client relationships. Overall, AI is transforming the wealth management industry, fostering innovation while addressing the evolving needs of modern investors.
During a recent panel discussion at The Wealth Mosaic’s AI Toolkit Roadshow event hosted at AWS in Zürich (attended by a cross-section of wealth managers, consultants and technology vendors), experts explored the challenges and opportunities facing the sector when it comes to AI, outlining a variety of ways and approaches wealth managers can take as they consider how to adopt AI going forward.
The adoption of artificial intelligence (AI) in the banking sector is being driven in large part by heightened client expectations, user interfaces enabling easy access to Generative AI at unprecedented speed and the organisation’s drive to increase employee productivity an. To stay relevant, banks must leverage AI to create more seamless and more personalised customer experience, streamline operations, and attract top talent. This requires not only technological advancements but also new operating models to drive innovation in order to meet evolving consumer needs. However, the journey toward AI integration is still in its early stages for most banks, with many institutions remaining in the exploration phase. To unlock the full potential of AI, banks must define clear strategies and embrace cultural transformations, particularly to harness the benefits of generative AI.
Panel participants at our Zürich event discussed how successful AI integration requires a deliberate and phased approach. Banks can mitigate risks by starting with low-stakes projects, learning from initial deployments, and scaling up gradually while maintaining strong governance and risk management frameworks. In order to be able to scale with AI, having strong data foundation, continuous training and enablement at all levels in the organisation as well as cross-functional collaboration remain critical. Leadership’s understanding of what path to success looks like and support along the journey are essential to fostering an environment that embraces innovation and transformation. By addressing these challenges and creating a culture that fosters innovation and agility, banks can position themselves to fully realise the advantages of AI technologies.
The future of wealth management
The conversation shifted to the future of wealth management, where AI is poised to play a transformative role. Panellists speculated on the evolving responsibilities of relationship managers in a landscape increasingly influenced by generative AI. While AI can enhance client interactions and streamline service delivery, the importance of maintaining a human touch was emphasised. A hybrid approach that combines AI technology with human expertise is seen as the ideal model for the future.
Final thoughts, and questions from the audience
In closing, panellists reflected on the rapid evolution of AI technologies and their profound implications for the banking sector. Governance and cultural transformation emerged as recurring themes, with audience questions focusing on these critical areas. Panellists also discussed strategies for addressing the challenges of adopting new technologies while maximising their potential benefits.
Action items
To accelerate AI adoption and maximise its impact, the panellists proposed the following immediate action items:
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Continuous training: Develop and implement training initiatives to enhance employees’ understanding of AI - its potential and risks - at all levels in the organisation.
- Centre of excellence: Create a dedicated Centre of Excellence to facilitate small Proof of Concepts (PoCs) demonstrating value and building organisational momentum for larger AI initiatives.
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Develop and implement strong AI governance and oversight as and where needed.
By addressing these action items and setting themselves up for cultural transformation, banks can position themselves at the forefront of AI innovation, ensuring long-term success in a rapidly evolving industry.
About the panel participants:
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Dr. Boris Rankov, VP Product Management & Strategy, InvestCloud
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Milica Lasic, EMEA Banking Industry Lead, AWS
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Vincenzo Chiochia, Director, Head of AI & Data Banking Practice, Deloitte
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Jonathan Hayes, Programme Lead Gen AI, Julius Baer
