A whole new customer base is emerging with a growing number of millennials who are more demanding and connected with the latest technologies as never before. This customer base with continually changing preferences wants information on the go. Traditional wealth management companies can't manage their demands with paper-based, manual, and time-intensive operations. Moreover, there are several other challenges, including continuously changing regulatory compliance that makes it more difficult for wealth managers to meet their customers' expectations. Automation with human-like intelligence has become a necessity to overcome these challenges.
Automation technologies such as Robotics Process Automation (RPA)
and Artificial Intelligence (AI) can bring tremendous transformation in both
back and front-end operations, helping wealth managers to deal with these
changes. Organizations can achieve improved efficiency, productivity, process accuracy,
and complete visibility with the help of intelligent automation.
However, the vital question is when and how
to implement intelligent automation. Look for simple, repetitive, high volume
and manual tasks to automate with RPA. Processes that require human-like
intelligence and are not executed based on a fixed set of rules; AI can fit
well.
Let’s look at a few of these business process examples:
Trade Processing
Trade processing and report generation, as well as many other
tasks related to trade, are time-intensive and high in volume. RPA eliminates
the need to manage data files between multiple back-office systems manually. It
can process data with a hundred percent accuracy and offers audit reports to
trace back every action allowing improved efficiency and visibility. For exception handling, RPA can
create and send alerts based on exceptions it finds.
Reconciliation
The process of manually comparing data with multiple spreadsheets
is quite time-consuming. The Bots can extract data from a variety of sources
such as internal bookkeeping systems, and external parties; format information;
compare data sets, and make corrections and adjustments based on a set of
rules.
Client Onboarding
Time-consuming processes like data extraction and validation can
be done through AI and ML capabilities in RPA bots. The bots can go as far as
facial recognition for verifying customer images and documents, eliminating
parts of a multiple-step process. Know Your Client (KYC) authentication, form
automation, elimination of hard copies/ multiple forms, and rekeying of
information are some of the many other areas where process digitization can
help.
Fund Administration/Reporting
The Bots can perform rules-based validation checks across several segments of the financial reporting process. Moreover, the Bots always follow the predefined rules to execute tasks, and hence, it helps in compliance management. A Bot can complete a process within minutes compared to humans that usually takes days or weeks. The staff can be free from such mundane tasks and focus on more customer engagement and complex operations requiring direct human involvement. Today, these modern solutions are a catalyst in the growth of the wealth management industry. If you are interested to learn more about the topic, register here for a live webinar on 25th July at 1.00 PM EDT.
