How is data being used in the wealth management sector today and what benefits are you seeing? Also, what improvements do you expect to see in the future in wealth management if data is more efficiently and effectively utilized?

Wealth management is an increasingly complex business with a diverse range of challenges from changing regulatory and compliance requirements through to Know Your Customer (KYC) checks, portfolio management and the acquisition of new clients.

Whilst existing software tools can mitigate some of the risks associated with each area, the advantages of in-depth data which can be tailored, organized and refined is often overlooked. The combination of insight and analysis from different data sets allows for proprietary value to be created; which becomes even more important given the relatively low barriers to entry for aggressive new entrants which can utilize the same technology as incumbent businesses but without the overheads and the challenges brought by legacy manual systems.

The Covid-19 pandemic has shown that whilst there is no substitute for face-to-face contact, many elements of several in-house processes can be successfully undertaken online and remotely.

Although most wealth managers have already improved their online experience, we believe that more enterprizing firms which are prepared to use, for example, data and SaaS will have an advantage over those which are slow to adapt - with technology solutions now at such affordable levels they are able to reduce operational costs and grow market share.

What solution(s) does your business offer to the wealth management sector that focus on data? How do they work and how do they help wealth managers?

Cutting edge Artifical Intelligence (AI) technology is key - our unique, single source of unified UK company data, overlaid with algorithms and proprietary technology, provides uniquely accessible, customized information and insight across industries, sectors and geographies. All done at high speed and with a greater level of detail than anyone else.

Customer teams can use it to make marketing and customer acquisition more focused and bespoke, and at the same time get a better and more detailed understanding of their current clients.

The vast amount of detailed information provided by our data and the ability to look at and analyze companies and individuals, and how they relate to each other, significantly cuts the time needed to research and analyze for the purposes of KYC, due diligence and compliance.

This all leads to an efficient and cost-effective solution to cut operational costs and increase market share.

This article is part of The Wealth Mosaic's recent WealthTech Views Data Management Report. Access that full report here.