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The Race to Find Differentiation in Wealth Management

Posted: 4 July 2018

Today, Differentiation is Everything!

Wealth management is a crowded space with very few differentiating products and services between firms. Advisers are increasingly tasked with presenting value to customers in unique ways at the lowest possible price. More and more firms are using artificial intelligence and other cognitive learning techniques to mine their customer data and present their findings as an added value for their customers.

This trend is going one step beyond the traditional market research and customer segmentation. Firms are now using their AI algorithms to mine data streams which predict the next best product for clients based on behavioral data points. This is being driven by the need to create deep personalisation for today’s clients rather than the standard products.
Cognitive learning is also helping firms answer the most complex client questions and predict asset trends or asset risk in real time. This increases efficiency by reducing the amount of data analysis needed to make investment decisions in real time. Firms are also using virtual advisers via portals and platforms to deliver this information to clients in real time 24 hours a day.
Big banks like Wells Fargo piloted a program which delivered real time answers to client questions via Facebook Messenger. The need for real time conversations with clients to match that real time analysis at an affordable price has companies searching for platforms to establish differentiation. VideoSign offers advisers the perfect differentiation platform to bring clients that real time conversation needed to deliver their personalised advice and sign documents with a full audit trail for compliance purposes. All of this can be done anytime and anywhere. For an affordable monthly payment, advisers can keep their rates as low as possible and still differentiate their business as a digital financial services company of the future.
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