Recent advancements in artificial intelligence, or AI, have captured attention and imagination around the world. In fact, AI and its enabling technology, machine learning, have been around long enough to drive game-changing benefits that we already enjoy as clients and staff.

For wealth managers in particular, AI can improve what both clients and staff experience, while saving on operational costs — in effect, better results for less investment. Supporting interactions with AI-driven tools such as automatic form fill, chatbots and automatic documentation filing can streamline operations and reduce the potential for human error. It also frees employees to focus on higher-value tasks such as supporting clients and developing new business. AI-driven automation can improve the top and bottom lines, while helping organizations tighten their compliance programs.

For example, automating client data transfer with robotic process automation (RPA), frees back-office administrators from repetitive tasks such as data collection, data entry and process documentation. Imagine having a cleaner, better-documented process with fewer data-entry errors to resolve, and more time for staff to spend on higher-value tasks such as resolving those errors — or automating more processes. Moreover, making client data available across a wealth manager’s systems also creates opportunities to leverage that information to provide tailored services. The ability to offer clients new products and services at the right time can further improve the investor experience— particularly when wealth managers can offer these opportunities before clients are even aware they need them.

AI-driven process automation tools are already available and can be simple to customize or even build using low-code or no-code platforms. In other words, you don’t have to be a software engineer to get started. The key for advisors looking to take advantage of these tools is to take an incremental approach. There’s no need to do everything all at once—however, it is important to have a broader digital transformation strategy to serve as a guide and to prioritize your efforts in a way that yields the greatest operational impact over time.

Download the whitepaper “What ChatGPT Means for Wealth Management”.