Analyzing communications: The next step in client retention for wealth managers
Wealth managers are under pressure from a persistent low interest rate environment, prohibitive costs and complexities around compliance, and fast-evolving client needs. New competitive threats are emerging, ranging from “robo-advisors” to sophisticated offerings being developed by the tech giants.
In this article, Isabella Fonseca and Meghna Mukerjee, make the point that wealth managers seeking ways to prevent client attrition are looking for answers in the wrong places. They argue that beyond evaluating the obvious – transaction history, portfolio performance, risk appetite – there is a lot of data falling through the cracks that is not necessarily being tracked but is equally valuable.
Combing their decades of experience researching and consulting to the wealth management industry, Isabella and Meghna make the case for artificial intelligence-led tools, now coming onto the market, that are making it possible for firms to gather, mine and analyze both traditional structured and untapped unstructured communications data to provide advisors with a rich and realistic assessment of their clients.
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Wealth management businesses are beginning to innovate with artificial intelligence. Technology that has been proven in other banking operations is being adopted by wealth managers, making it cost-effective to analyze for insights captured in communications. Data from countless emails, phone calls, chat messages and more is being transformed into management information that boosts client service, productivity and profitability.
Our Wisdom & Wine series offers content, interactive sessions, and luxury peer group events designed to help you explore the opportunity for applying next generation technology to address your challenges.
Over the coming weeks, we’re building an exclusive library of content that includes all of the following:
- Articles by Isabella Fonseca, a leading industry analysts focused on wealth management, and Christhi Theiss, a fintech expert and advisor to leading leading banks and government
- Original research conducted by CEO.digital examining the preparedness of the financial industry for next-generation technology
- Early access to an exclusive white paper by Aite Group exploring how wealth management leaders are analyzing communications today and their plans for change
- A live webinar connecting with industry experts and fellow practitioners about pressing surveillance challenges.
The series culminates in Wine Tasting Dinner events in New York City and London. Invitations will be offered first to wealth management leaders most engaged in the Wisdom & Wine content and interactive session, so please keep an eye out for our alerts.
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