For better or worse, all kinds of industries use artificial intelligence nowadays, and wealth management is no exception. In fact, artificial Intelligence is one of the main trends in the wealth management industry and will change the industry forever for both consumers and companies alike. The three biggest impacts are likely to be:
- Consumer behavior being easier to predict – this will allow wealth managers to customize investment products and improve consumer experiences, maximizing conversion and consumer loyalty.
- Regulations being under control – artificial intelligence (and its capacity to sift through, analyze and understand truly massive amounts of data) will make compliance processes easier, faster and much more accurate.
- Consumers being happier – consumers are likely to notice three main benefits from artificial intelligence in the wealth management industry: lower entry barriers, lower costs and better offers (due to increased competition). All of these tend to make consumers happier. It will also help the unbanked and underbanked access wealth management tools.