Intelligent Customer Management – The Untapped Value of AI in Wealth Management.

It’s been astonishing to see the amount of media attention around Artificial Intelligence (AI) in recent months. From the dystopia of HBO’s Westworld to the hype of Salesforce's Einstein, we’ve been inundated with larger than life claims about AI and its abilities. 

Reality is more than meets the eye, though as AI is more than just identifying product recommendations, dreaming up sci-fi, or suggesting the perfect show for your nightly Netflix session. AI and Machine Learning are cementing themselves as everyday staples of how we dream, play, and do business.

From a wealth management perspective, a recent Gartner study reported that “Adaptive security platforms are technology products maintained by 34% of respondents, while AI and machine learning are a technology that is being expanded by 27% of respondents.”  [1]. This is in stark contrast to the 44% of banking and 43% of securities respondents’, who state that having BI/Analytics is the top technology area of planned investment[2]. The motivation to learn from advanced analytical insights the way that Amazon and Netflix do is there, but the industry just hasn’t had the tools to achieve it.

So, how do we unlock the potential of AI in wealth management like so many other industries have done?

It’s about making AI and Machine Learning meaningful in their implementation and use. It’s about capitalizing on the advanced analytics and Business Intelligence that your AI and Machine Learning processes can provide. Ultimately, it’s about bringing Intelligent Customer Management to the forefront of your firm’s initiatives to help create that perfect customer experience and power your analytic insights.

NexJ’s Intelligent Customer Management products are a direct response to the needs of the wealth management industry and its attempts to leverage insights to create a more streamlined and better customer experience. Firms can add business process automation that leverages AI to digitize and streamline key workflows. Smarter advisors not only have the ability to deliver the customer experience your clients demand, but will ultimately grow your share of wallet.

“By 2021, artificial intelligence (AI) and workflow will displace at least 21% of all agent talk time,” according to a December 2017 Gartner report[3].Improving workflow processes through improving communication channels, implementing Natural Language Processing (NLP), and creating engagement technologies, will be the key to helping front office focus on more meaningful collaboration between client and advisor. Enhancing and automating KYC and AML processes through AI and Machine Learning tools, we will not only improve the overall client experience, but be able to glean insights from all aspects of business. NLP will not only enhance the customer experience through developing conversational experiences, but will also help accomplish administrative tasks faster, smarter, and cheaper than ever before.

Building a comprehensive understanding of your relationships with clients means a holistic view of the customer, integrating information from all elements of your firm. Without having rule-based alerts, notifications on customer events, or digital engagement based on the client’s unique interests, are you truly offering a personalized service that speaks to your clients? Without the ability to comprehensively understand the customer, and with data siloed across legacy systems, firms are left with Customer Experiences that lack the potential for the personalization and engagement that everyday services such as Amazon and Netflix provide.

We believe, and have always believed, that financial services benefit best from intelligence in their CRM and analytics processes. Intelligent Customer Management facilitates the insights that drive the success of AI and Machine Learning, improving the customer experience, and streamlining back and front of office operations. The rewards and possibilities of AI aren't exclusive to sci-fi movies anymore. Today, AI is capable of helping Wealth firms maximize their potential by recommending Next Best Actions, increasing productivity, and improving the quality of customer experiences.

Interested in how Intelligent Customer Management can position your firm? Leave a comment below or send an email. I’d love to have a chat.


[1] Gartner, “Market Insight: What Banking and Securities Buyers Want From Technology and Service Providers in 2017”, March 2017. Pg.5

[2] Gartner, “Market Insight: What Banking and Securities Buyers Want From Technology and Service Providers in 2017”. Pg.6

[3] Gartner, “AI Will Enable Omnichannel to Evolve Into a Postchannel Customer Experience”, December 2017. Pg.1

Written by NexJ Systems Inc.

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