In the fast-paced world of handling people's money, being quick and smart is more crucial than ever.
Luckily, new tech tools are making things faster and easier. Artificial Intelligence (AI) is the superhero here, helping financial experts make better decisions and manage clients money more efficiently.
Super Smart Machines
Imagine if your money expert could predict the future and understand patterns like a superhero.
Well, that's what AI does. It's a powerful tool that apart from many other industries, found its applications in finance and helps wealth managers make good choices.
The global AI software market is growing super fast, and by 2025, it might be worth a whopping USD $126 billion.
Almost 70% of wealth management groups are using AI tools to make decisions. That's not just big firms; even smaller ones with less money are joining in. AI is not a trend; it's a big deal.
When Robots Help Out
Apart from AI, there's another hero in town called Robotic Process Automation (RPA). It's like a sidekick that helps with everyday tasks, making them quicker and smoother. For instance, it can handle things like downloading statements and sending reports. More than half of financial firms are planning to use RPA to make their work easier.
Robo Advisors: A Big Deal
A new type of advisor is on the rise called a "robo-advisor." It's not a person; it's a smart system powered by AI. The predictions say that by 2023, these robo advisors could manage over $2.75 trillion, and that number might grow even more in the next few years.
Big Data and Analytics
Big Data is like the band leader, making sure everything is in tune. It's not just about simple info; it's about using all kinds of data to understand clients better. Having the right data is not just good for wealth managers; it's also great for clients. As long as it is a win for both sides, where everyone gets what they need.
Today, Not Tomorrow
Machine learning is not a far-off idea anymore. It's happening right now. It's not just one thing; it's doing a bunch of useful tasks like helping with investments, managing portfolios, and creating reports, just like having a bunch of smart assistants.
Big Data and Analytics
Digital Revolution: Personal Touch
Technology is changing how we manage money. Wealth managers are using new tech to offer personalized services.
People love using mobile apps for money related activities, and it becomes obvious digital interactions will cover even more areas of human life in a couple of years.
Advisors: The Human Touch
Even though tech is cool, human advisors still play a big role. Let the tech handle the hard stuff, but the human touch is where the magic happens. In a world where everyone uses tech, advisors need to be extra human with their clients.
So, in this big show of investment trends in 2024, let AI do the smart things, let Big Data keep the rhythm, and let RPA handle the routine. Wealth management goes beyond mere transformation; it involves blending technology and personal interaction seamlessly to compose a exclusive experience accessible to all.