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Industry moves from paper trails to personalised service
Ist Teil von
Professional Wealth Management, 2021-12, p.28
Ort / Verlag
London: The Financial Times Limited
Erscheinungsjahr
2021
Link zum Volltext
Beschreibungen/Notizen
Beyond portfolio management, the impact of technology spans the entire lifecycle of client adviser relationships, starting with identifying prospects with sophisticated wealth management needs, explains Andrew Catterall, head of digital data transformation at JP Morgan International Private Bank. Many other critical steps in the prospect-to-client journey, such as onboarding, which required face-toface meetings, have been supplanted with digital mechanisms for document verification, signatures and multifactor authentication. [...]developments in computing power, data storage costs and artificial intelligence techniques provide advisers with greater access to data analysis, resulting in more customised portfolios for clients. RAISINGTHEBAR In the past, legacy technology forced firms to build many manual processes to support client journeys from end to end, while modern solutions have tightly integrated experiences and STP utilising embedded workflows, states David Schug, vice president, new business development at SEI Wealth Platform. AI and big data are described as "key drivers of the fourth industrial revolution" by Sim S Lim, group head of consumer banking and wealth management at DBS Bank in Singapore, who advocates the building of "intelligent capabilities" by engineers rather than bankers.