How Artificial Intelligence is Transforming Client Experiences for Wealth and Asset Management

Nov 9, 2017 | Customer Experience

Today, we are living in an era of ‘Digital Transformation’, where companies are adopting latest technologies to help them to transform, remain competitive and grow.

However, true digital transformation requires more than simply applying the latest technology. It involves a customer-centric, outside-in perspective to enable the design of digital solutions that drive customer loyalty, engagement and satisfaction.

The most recent wave of transformation is enabled by information insights, providing clients with products and services that meet their needs when and where they need them. For financial services firms, this requires the ability to collect and analyze huge amounts of data (both structured and unstructured) and use those insights to inform investment, portfolio and new product decisions, as well as take action in real time.

Artificial Intelligence (AI) provides a unique opportunity for financial services firms to delve further into data to understand, communicate and deliver drastically improved client experiences.

Case Study

Investment Management Firm Smoothed the Path to Investment Decisions with AI Optimized Content

AI presents a wealth of opportunity and is already used in wealth and asset management and not just by disruption brands likes Nutmeg and Moneyfarm. According to Forrester, AI will be one of the 15 fintech technologies to watch over the next four years. And according to PWC, 26% of asset and wealth management firms globally use AI to inform their next ‘big decisions’.

Morgan Stanley has a platform called 3D Insights, which analyses research, information and products and matches them to the relevant client portfolios and financial advisers.

UBS has launched its SmartWealth robo-adviser, which provides personalized financial advice in real time based on clients’ goals, means and attitude to risk.


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What is Artificial Intelligence (AI)?

AI refers to the field of computer science that deals with intelligent computer systems that mimic human-like learning, thinking and behaviour for deep insights, predictions, decision-making, problem solving, and analysis.


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AI describes a suite of different technologies and here’s a few in particular. Machine learning uses algorithms that can learn and make predictions on data. Natural language allows machines to interpret and generate spoken and written language.

Turning Data Into Actionable Insights

With the volume of data in the world nearly doubling each year, it is no surprise that data complexity is the top challenge standing in the way of digital transformation.

AI tools are able to perform what no single human could hope to do. They can read, learn and analyze both structured and unstructured data that can reveal client sentiment and intent. When you overlay this ‘human data’ with product and other internal data, you can unlock remarkable new insights to improve client experiences.

Reshaping Client Experiences

Clients expect more engaging and seamless interactions and experiences in all aspect of their lives. According to a survey by eConsultancy, making client experience as personalized and relevant as possible is the key focus for financial services firm.

Nick Hungerford, co-founder of Nutmeg (an online investment management company) said, “Customers demand personal service in the digital age. For wealth manager, it is all about generating relevance and developing platforms to cultivate customers.”


Image Source : Nutmeg

Today, AI has the power to analyze enormous data from different sources at scale and in real time, providing insights to enhance personalization of content & information and create more inspiring client experiences.

According to a IBM report, early adopters report that both organizations and clients are benefiting from improved insights. Eventually, more satisfied clients exhibit stronger engagement and improved loyalty – both integral for business growth.

Improving Sales and Deepening Client Relationship

Advisors will focus more on asset gathering and client prospecting than ever before because AI will provide them free time to do so, thereby providing better and personalized services.

They will become increasingly responsive to their client needs, using AI as a tool to provide valuable advice. Essentially, advisors will become even more proactive in cross-selling solutions, augmenting client portfolios and providing further value in deepening the client relationship.

AI is no longer a technology of the future. There are tremendous opportunities for financial services firms to increase the value derived from AI solutions, with the potential for improvements in client satisfaction and delivery of highly relevant experiences being paramount. Companies that ignore the potential of AI do so at their own peril.

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About Knexus

Knexus specializes in helping leading Capital Markets, Wealth and Asset Management firms deliver AI optimized customer journeys that improve engagement and increase sales across digital channels (websites, apps, email).

Knexus real time decision making and delivery engine uses AI & proprietary algorithms to match social, marketing & product content with dynamic customer profiles. The platform then delivers the most relevant experience in real time for customers in their digital journey.

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