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Financial Services

Wealth Management is Getting Serious About Digital Transformation

How to Eliminate Intercompany Errors with AGIS

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.

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.

We recently published a guide that explores how to build trust in wealth management. You can download it by clicking here or filling out the form below.

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Scott Albahary, Chief Strategist, Financial Services

Scott Albahary applies his wide range of knowledge and skills to advise Perficient’s financial services clients on business and technical strategies and on defining, developing, and implementing these specific strategies.

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