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How Technology is Solving Urgent Issues in Wealth Management [Webinar]

Wealth management has been one of the industries slowest to adopt smart technologies. Yet, as solutions like chatbots, Artificial Intelligence (AI), Robotic Process Automation (RPA), and financial management apps gain mainstream adoption, high-value customers have begun to expect more responsiveness and efficiency from advisors. It’s a balancing act – while these technology-driven solutions are expected, success in the industry remains powerfully driven by personal relationships.

The good news is that smart technologies like RPA and Business Process Outsourcing (BPO) work incredibly efficiently behind the scenes to give advisors greater capacity to identify and recommend wealth management products with proactivity and precision. Recognizing the most appropriate solution set begins with a clear awareness of industry challenges.

The Most Pressing Challenges in Wealth Management

  • Multiple clients, each with his or her own distinct needs and changing market conditions
  • Millions of available products to know and select for ideal offerings mix
  • 100+ asset and sub-asset classes
  • Multiple service requests
  • Limited time available to prospect and market services

Without smart technologies in place, it’s nearly impossible to handle any of these challenges – much less all of them. And without these details managed, delivering quality customized advice in scale is impossible. Those advisors who are successfully satisfying customer needs and wants with appropriate, high-quality solutions have transformed common challenges into opportunities.

These providers know that the most powerful thing they can do is engage with the client. Many accomplish that objective through four main efforts:

  • Pinpoint opportunities that respond directly to the unique needs of each client
  • Create and streamline efficiencies for sourcing and evaluating ideas
  • Engage prospects and clients with the appropriate cadence and information via the right frequency and proper channels
  • Sustain a virtual feedback loop that ensures consistent clarity about what is working and what needs improvement

In every case, analytics augment human decision-making – they do not do not replace it. Even with the importance on machine learning, big data, and AI, it’s important to remember that differentiated insights – the kind of informed, personalized counsel that sustains advisory relationships – demand more than smart technologies. They require caring, dedicated experts who bring intuition built from experience to transform rich algorithmic data into actionable insights.

Digital engagement is powerful, but not nearly as valuable as human relationships.

The targeting engine is a great example of how smart technology can augment the financial advisor’s role, act as a framework for better decision-making, and establish an ongoing process for value creation. Identifying high-value prospects and offering existing clients relevant new offerings or upgrades are made more successful with information processed through machine learning capabilities. The targeting engine matches hundreds of details like life events and market conditions to individual clients based on their behaviors. That knowledge not only informs offerings, but it can also help to predict needs and prioritize the channels through which the advisor can most successfully connect with a prospect or client.

Metrics inform activities, improve efficiency, and drive personalization. Nonetheless, it’s the financial advisor who drives the actual behavior – and thus success. Smart technologies are part of a holistic ecosystem. It includes core technologies and the people who leverage the applications (like client portals and operational applications) to solve problems and enhance the client experience.

Smart technologies like RPA can transform inputs into workflow efficiencies and value-added processes that strengthen the bottom line and improve customer service. They do that by freeing people from the mundane standard operating procedures, giving them a greater capacity to provide higher-level, value-added service to the business and the customers. As such, technology empowers knowledge jobs by standardizing processes and freeing advisors to focus on client service, business strategy, and product improvements.

Achieve better, faster, more relevant, and more efficient operations and customer experience.

Simple business analysis techniques can identify 70% of your BPO automation requirements. The remaining 30% - the ones that build on the operational efficiencies with deeper data and personalization tools – require machine learning. With tools like AI and RPA in place, you are better equipped for agility, control, and accuracy across the organization, all of which reduce your risk and optimize your advisors’ capacity for making informed decisions and creating a better customer experience.

NIIT Technologies partners with forward-thinking financial institutions to build platforms that connect and streamline operations, introduce efficiencies through automation, and improve prospecting and customer service. Our industry-leading BPO and RPA technologies enable advisors to reach the right customer at the right time with relevant solutions based on factors like unique needs and life-stage events. Altogether, our solutions strengthen the bottom line through cost-cutting efficiencies and competitive market offerings.


See what these solutions look like in use through the NIIT Technologies sponsored webinar, How humans and technology can coexist in asset and wealth management. American Banker Editor at Large, Penny Crosman, moderates a conversation with Jeff McMillan, Chief Analytics & Data Officer from Morgan Stanley, and Mark Shivers, the Head of Smart Technology and RPA from BNY Mellon. They discuss the industry’s most pressing challenges and the ways that integrating automation technologies enables advisors to overcome issues and deliver high-quality, customized advice to clients in the right format at the right time.

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