✅ Towards Optimal AI-based Wealth Management
Today’s digest explores the various ways that AI technology is changing the face of wealth management in the UK and much of the world. One important theme in global wealth management is how banks and other institutions are developing the use of artificial intelligence (AI), automation, and machine learning. The volume of data is a big issue, as is the need to be on the alert for regulatory red flags, market disturbances, and changed client requirements. Wealth management with the use of AI will undoubtedly bring a lot of disruptions to traditional wealth management services. Afterall, the industry as a whole has various needs that firms have not yet been able to address directly. One of these needs is the combination of human, virtual, and automated advice as an area of opportunity. Another is the clear shifting of generational interest in the adoption of lifestyle preferences and environmental concerns. Furthermore, cultural differences embracing technology and trust rather than traditional insider advice is another consideration. The target audience is indeed expanding, and there should be a place to accommodate everyone in this new tech-based economy. The bottom line is that AI is here to stay, the financial services companies must adapt or run the risk of being left behind.