4 Strategies To Optimize Wealth Management With Data

4 Strategies To Optimize Wealth Management With Data
Banks, Insurance & Financial Services

Strategies from PSFK’s Digital Banking Playbook with Microsoft highlight how AI and data solutions enable wealth managers to offer better client services

  • 29 march 2018

While clients may sometimes seek advice from wealth managers for the human element, wealth managers can still implement technology to help things run more smoothly. PSFK’s Digital Banking Playbook, developed in collaboration with Microsoft, recommends the four strategies below to assist wealth managers in providing better service.

Offer Machine-Augmented Management

Using machine learning systems to support advisory services enables a higher quality of advice at a significantly lower cost to the firm. Wealth and asset managers who offload routine tasks, such as preliminary data collection, research and compliance adherence, to robo-advisors can focus on preparing more premium strategies and packages for each high net worth client. AI services also allow firms to offer a broader range of financial services for audiences in different income brackets.

Automate Portfolio Optimization

The pace of portfolio optimization used to rely on human effort; now, digital and algorithmic programs allow firms to respond more quickly to economic, global and market trends and optimize returns for clients. Intelligent money management systems that track contextual indicators and automatically adjust portfolios offer a more responsive level of service to clients without straining staff.

Implement Predictive Analytics

A portfolio’s performance is subject to a variety of market factors. AI services, together with predictive analytics, can track multiple macro- and micro-economic indicators, regulatory trends and social sentiments to produce insights and timely advice, which managers can leverage to make portfolio recommendations or help customers build the right financial management solutions for their lifestyle.

Promote Progressive Transparency

In order to retain top clients and gain new customer loyalty, wealth managers must reevaluate their internal operations and messaging to give customers more insight and control over their financial management. Firms should consider incorporating clearer messaging, preemptive communication, transparent fee structures and even channels for customer feedback on product development. By addressing client concerns and incorporating their ideas, firms can efficiently appropriate spending toward products and services that meet client needs.

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
+machine learning
+Market Research
+Personalized Loyalty
+psfk labs

Learn About Our Membership Services

Need Research Help?
As a member you can ask us any research questions and get complimentary research assistance with a 4-day turnaround. Reports inclde stats, quotes, and best-inclass examples on research topics.
Remain Informed & Strategic
We publish several trends reports each month. By becoming a member you will have access to over 100 existing reports, plus a growing catalog of deep topical analysis and debrief-style reports so you always remain in the know.
See Trends Come To Life
Meet your peers and immerse yourself in monthly trend and innovation webinars and discounted conferences.
No search results found.