TOPIC // Wealth Management

Practical AI for Wealth Management

Artificial intelligence (AI) in wealth management is no longer a cutting-edge technology. Many firms now claim to leverage AI within their CRM systems. However, despite its broad adoption, the targeted application of AI toward very specific advisor needs remains a lofty, unrealized goal for too many wealth managers. In other words, AI needs to be practical and solve specific problems for it to drive efficiency and enhance the client experience.

In its 2021 XCelent Awards report, Celent states that “advanced functions of CRM include AI-driven capabilities that use natural language processing (NLP) for sentiment analysis, call-to-action recommendations, and predictive analytics.”

The Celent report also highlights the importance of “hyper-personalization and delivery of a contextual experience” for clients. In other words, wealth management clients today expect more, and the thoughtful application of AI is the way to do it. To truly differentiate client experience, wealth managers must use the intelligence at their fingertips to enhance client-advisor engagement in real time. After all, clients have for several years now enjoyed “predictive thinking” on their behalf from brands like Amazon and Netflix. They expect their advisors to have the same sort of insight and “intuition,” which AI can provide … when done well.

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At NexJ, we understand it’s all about delivering on those “next best actions” that help advisors offer more personalized service to their clients. In essence, it’s about providing clients what they need before they know they need it. For example, Product Opportunity, KYC Update, or Portfolio Review. As Celent states in its report, NexJ provides “better, smarter, and more personalized engagement with a Next Best Action solution that drives advisors to interact with the right client at the right time.”

Our Nudge-AI suite of products, which consists of Engage, Inform and Insights, is designed specifically to help advisors improve client outcomes and automate tasks and processes, all in real time. Engage recommends actions in order of highest value to an advisor, recognizing that clients want to be treated as individuals with distinct preferences. Insights helps advisors discover and log important client life events. Inform enables advisors to engage with clients using content tailored to the client’s specific interests, for example, if a client has an interest in ESG stocks, content about green stocks or climate change will be presented from sources such as Barron’s and The Economist. In short, Nudge-AI is the practical application of AI that advisors have been craving.

“NexJ was regarded as a vanguard solution in our North American CRM analysis, in large part due to their AI capabilities supporting Next Best Action and content marketing. What sets NexJ apart is how its list of partnerships with system integrators and fintech players has made it a viable CRM tool for large Wirehouses and smaller RIAs”.

Read the full Celent report on NexJ here.

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