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The next big thing in wealth management

Posted October 30, 2018

Artificial intelligence – artistic concept. Image credit: geralt via Pixabay, CC0 Public Domain

Wealth management is an essential part of the financial services, because taking care of clients with heftier wallets and more means at their disposal implies more than just mundane day-to-day transactions. It also has to encompass finding investment opportunities and scanning the market in order to provide a unmatched service, always a few steps ahead of all possible competition.

In this sector the competition is both fierce and shrewd, because wealth management has pushed banks to move out of their comfort zone and instead take on a role of advisors, keepers or even high level concierge service providers.

As always with such services, the emphasis is on providing a personalised experience with much attention paid to client’s requirements, needs and requests, no matter how complex or unusual. At all times, a true professional has to keep in mind the financial viability of all interactions with high-profile clients.

AI at your service

Most banks and financial institutions employ a host of automated services to deal with everyday customer dealings. Internet and phone bots take care of most mundane inquires, which saves the company’s money and the time of employees who can be directed to fulfil other tasks. All of this is, by necessity, combined with other technologically advanced online services that are designed to enhance security and provide savings in operating costs.

Today, everyone knows how the communication through the automated bank services feels like and it has become a familiar element of all typical financial business. However, this approach only goes so far and in case of more elaborate interactions, banks need to employ more technologically advanced solutions. Even with excellent wealth management, keeping live operators on call is not financially sound anymore, since the number of people with high disposable income has been growing on year to year basis. Taking personal care of all high-yield clients of just one bank would require employing a whole separate call centre of people, so the only serviceable solution was artificial intelligence.

Lately, we have observed an accelerating growth in the usage of personal assistants – first in our smartphones, then in our living room speakers and now even in our cars, with Mercedes and BMW leading the way. Modern AI can communicate even when faced with context sensitive requests. Not only it can connect with more and more appliances, but also understands speech patterns better than ever.

It was only a matter of time when conversational AI, such as the one developed by Comarch as a part of their wealth management solution package, will make its way to banking operations. Now automated bank teller can turn into an automated concierge, with a wide array of conversation topics. Additionally, these AIs are not static and unchanging, because an integral high quality learning algorithm allows them to react to unknown topics and provide the most personalised services possible.

Life management

Companies such as Comarch have been working tirelessly to automate banking services, the final goal being the complete integration of all services into a single, easy-to-use platform. This platform has to be accessible by both web and mobile, employ not just cross-informational capabilities regarding the clients finances, but also handle predictions and more complicated banking orders.

With the introduction of conversational AI, the system is finally complete – a platform that cares for the customer regardless of how tricky his needs and expectations are. We are now moving out of simply managing finances and entering an era where your life can be managed digitally with the automation of many processes that would previously require a whole team of dedicated employees.

True – there are currently some limitations to the capabilities of such systems, but they will be dealt with in time, probably ever faster that we can imagine. Thanks to all of this, Our future interactions with banking systems will be easier, more fruitful and simply more comfortable.


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