Hardly a day goes by without a mention of how to use artificial intelligence, machine learning, mobility, and robo-advice to make wealth managers more relevant to the holy grail of customer segments – Millennials.
In a few years, Millennials – who have owned digital devices all their lives – will make up half the world’s population. Conventional wisdom says their fondness for mobile phones, computers, the internet, texting, and social networking clashes with traditional modes of service and product delivery in the wealth management industry.
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And conventional wisdom may well be right. It’s certainly driving lots of investment in digital transformation initiatives. Today, wealth management firms are busy implementing technology plans designed to make themselves more relevant to Millennials.
These plans include artificial intelligence and machine learning capabilities, robotics technologies, service-oriented architectures, big data and smart analytics, centralized data lakes, master data management, and intelligent workflows – all with the goal of generating new revenue and increasing margins through increased client engagement, cross-selling, and expense reduction.
This is complex, heavy stuff for an industry sometimes better known for its convoluted operations, regulations, inflexible end-of-life IT systems and applications, silo thinking, and resistance to change. Improving the wealth management client experience by leveraging technology has always been a complicated undertaking. In the age of the “Amazonification” of everything, it has become a downright technology quandary.
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