As digitization has revolutionized financial services, new online and mobile tools have made financial advice and planning services more accessible to everyone. Now, advances in artificial intelligence (AI) promise to deliver a second big bang to the wealth management universe, making it even easier for consumers to assess their financial health, make investing decisions and plan for long-term goals – on their own and in their own time.
For financial institutions, advancements in machine learning and AI could create opportunities to expand customer relationships, deliver better advice and lower their costs. Using these capabilities to facilitate financial education is a good first step, followed by enhancing financial planning and monitoring customers’ progress toward their goals.
Already, the major players in wealth management are offering financial literacy content through their websites and have introduced robo-advisors to guide investing decisions. And the nation’s largest banks are rolling out voice and text bots that use machine learning to offer tailored suggestions for customers to improve their finances.
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