TOPIC // Wealth Management

How AI can Supercharge Your Client Engagement

Artificial Intelligence or “AI” may be a current buzzword, but as anyone in the tech industry knows, its been around in various forms for years. At NexJ, for years we’ve used various forms of AI to help industry-leading financial firms enhance the relationships their advisors have with customers.

But there is a transformation underway that makes it possible for AI in its many flavors to supercharge and transform client engagement in the financial industry. And it’s why NexJ today can offer some of our AI-powered capabilities as products that firms can essentially “wire” into their current platforms. We call these capabilities the Nudge-AI Suite.

But first, let’s back up a bit and define what we mean by AI.


AI Defined and Why Its Moment is Now

Artificial intelligence is a broad term and can encompass many things, including rules-based AI, where a system can be programmed to follow a particular decision tree; natural language processing, which can sift through unstructured data and identify important insights; and machine learning, in which an algorithm is created and the system “learns” the best way to achieve the desired result.

Within machine learning, there can be supervised or unsupervised approaches, where a human can either direct the algorithm on the best way to solve a problem, or allow the algorithm to find its own way.

Each of these forms of AI makes it possible to process more information faster, more accurately and more consistently than any person could on their own, and in the case of machine learning, can even adapt over time to changing conditions or uncover unexpected opportunities.

While AI (especially in its rules-based form) has been around a long time, we are in a golden age for AI thanks to a convergence of trends: increased computing power, overall available data, and the development of more sophisticated algorithms.


Why AI Is Well-Positioned to Help the Financial Industry

AI-powered tools are here just in time for advisors, who are facing their own confluence of trends. First, advisors are inundated with enormous amounts of information – more than any one person can possibly absorb and act upon – multiplied by the many customers they serve. Second, financial customers expect more personalized service and attention from their advisors.

AI-powered systems can help in many ways:

  • Rules-based AI can manage the firehose of data coming at advisors and organize it, helping advisors keep up with and prioritize tasks they need to complete, and finding relevant content an advisor can share with clients.
  • Natural language processing can review communications like emails, looking for keywords and hints about what a customer might need at a given time
  • Machine learning can correlate data from multiple sources, including a firm’s CRM, market data, client communications history and more, and determine and suggest possible next best actions for an advisor.


What Makes NexJ’s Nudge-AI Suite Special

These are the very functions NexJ’s Nudge-AI Suite offers to advisors. When their firm adds on the NexJ Engage and Inform modules it makes advisors more efficient, effective, and supercharges their client relationship.

NexJ solutions are unique in that they are built from the ground up with financial businesses in mind. For example, our natural language processing has financial terminology built in, and we understand the compliance and regulatory needs of the industry – there isn’t an additional effort to help a generic AI program “learn” the wealth management industry.

We also understand the nuances of the advisor business, and that advisors need to be in control since they know their book better than anyone. We specifically designed our AI to show best paths and point advisors in the right direction, but to give advisors the control they want and need – in fact, it’s why we use the name “nudge” instead of building an automated system.

Add it all up and you’ll see why the NexJ Nudge-AI Suite offers the next-generation solution your advisory business needs. Learn more about how our AI can help you and then contact us for a demonstration.

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