Using AI To Tailor Individual Services In Wealth Management

Using AI To Tailor Individual Services In Wealth Management

A scenario from PSFK’s Digital Banking Playbook with Microsoft shows how AI technology can aid in customizing investment recommendations

  • 27 march 2018

In order to grow their customer base, financial service firms must develop a range of differentiated packages to complement their clients’ budgets and levels of assumed risk. By matching offerings to a client’s needs and parameters, financial institutions can prevent customer attrition and optimize their return on each client relationship.

PSFK’s Digital Banking Playbook, a collaboration with Microsoft, illustrates how artificial intelligence aids wealth management in the following scenario:

Peter, a relationship manager for a wealth management firm, wants to offer his services to a broader scope of customers by promoting an artificial intelligence platform that includes tailored investment portfolios, on-demand services and intelligent forecasting models, personalized for each customer.

  1. Peter begins his day by reading the latest client investment reports generated by the platform. They provide an analysis of the week’s investment performance, a combination of trades that had gains and losses, and analytical predictions based on collected contextual data.
  2. Peter makes adjustments to his client portfolios based on the platform’s predictive suggestions, which Peter approves. The system then generates updated investment reports and sends them to portfolio-holding clients.  
  3. While checking in with his clients, Peter’s personal dashboard notifies him of a new client assignment from his manager, displaying aggregate information about the client’s personal information, past investments and investment preferences.
  4. In tandem, Peter receives an alert that the Japanese yields are rallying (dropping/decreasing). His dashboard compiles a list of eligible clients who are seeking leveraged carry trades funded in JPY for a power reversal dual-currency note.
  5. Peter sends the client list to his manager for approval and compliance documentation.
  6. While Peter awaits approval, he runs an analysis on the new client through the AI-based system and generates a report of various investment portfolio options that display a combination of the investments based on the client’s data.
  7. Peter sends three possible investment combinations to the client. All three reports are personalized for the client and use straightforward language and visuals to demonstrate the investments and their predictive performance.
  8. The client receives these reports and, after studying them, approves a portfolio that provides the most return on her investment. Peter receives a notification of her approval.
  9. Once the client approval is received, the system populates compliance documentation and delivers these notices to various departments for approvals.
  10. Meanwhile, the manager approves Peter’s suggested client list for the new derivative product. Peter is automatically notified through the system and forwards the portfolio option to the client list.
  11. While the new client’s approvals are going through the system, Peter sets up her investment parameters on the platform. The trades are automatically executed after other departments approve the document.
  12. The client receives a confirmation that her investment portfolio has been set up and gains access to a suite of tools to manage it. Peter is able to set up a tax plan during a face-to-face interaction on Skype For Business.

The Digital Banking Playbook, presented in partnership with Microsoft, highlights how digital tools can augment a financial institution’s ability to optimize operations and reinvigorate the client experience. Download the free report here.

+artificial intelligence
+Digital Banking Playbook
+financial services
+psfk labs

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Steven Dean is a designer, educator and entrepreneur focused on consumer health and wellness innovation. At his design consultancy, G51 Studio, he is involved in a broad range of projects that span business strategy, interaction and experience design, service design, and brand experience. He has designed and developed integrated user experiences for health and wellness platforms including mobile devices, networked applications and websites.


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