{"id":5720,"date":"2023-08-22T20:50:58","date_gmt":"2023-08-22T20:50:58","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=5720"},"modified":"2023-11-07T15:13:10","modified_gmt":"2023-11-07T15:13:10","slug":"gen-ai-in-wealth-and-asset-management","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/gen-ai-in-wealth-and-asset-management\/","title":{"rendered":"Gen AI in Wealth and Asset Management"},"content":{"rendered":"\n

Many discussions on\u00a0Artificial Intelligence (AI)<\/a>\u00a0end up mentioning one movie,\u00a0The Terminator<\/em>. Scary AI-powered machines are coming to take our jobs and rule our lives. It\u2019s a clich\u00e9. The stunning appearance of ChatGPT and the idea of \u2018generative AI\u2019 (Gen AI) sparked seemingly endless dystopian visions of a world run by machines. As one of our clients quipped – \u201cPlease make sure AI doesn\u2019t become sentient\u201d.<\/p>\n\n\n\n

Yet, the truth is, for now, Gen AI is a facilitator of new ways to approach every aspect of business in the Wealth and Asset Management (WAM) business. But, like any other technology, you have to adopt, and then adapt it to match your strategy. To do that you\u2019ve got to put the right strategy and structures in place to leverage its true power.<\/p>\n\n\n\n

The concept of AI isn\u2019t new. Generative <\/em>AI is new. It\u2019s more than \u2018new\u2019 \u2013 it\u2019s a breakthrough that many commentators have long been predicting. It\u2019s here, and it\u2019s getting more powerful all the time.<\/p>\n\n\n\n

For me, the case for Gen AI is simple: it\u2019s a tool that will help you do more, do it better and faster, and gain insights you didn\u2019t expect (as well as those you did and wanted to confirm). If that\u2019s a mouthful, then just think of one word \u201cproductivity<\/strong>\u201d.\u00a0<\/p>\n\n\n\n

Focus on the business problems that are important, not on the technology itself<\/h2>\n\n\n\n

So, the discussion around Gen AI isn\u2019t about the technology itself, it\u2019s about what issues the WAM sector needs to address and solve so that it can stay relevant, and be more efficient and profitable, in a rapidly evolving macro-economic landscape over the next decade. Indeed, Gen AI can address many of the fundamental questions facing the Wealth and Asset Management Industry. For example:<\/p>\n\n\n\n

How can we use Gen AI to democratise access to financial advice and products to foster better financial inclusion?<\/p>\n\n\n\n

Making financial advice more available and transparent via digital channels could be made even more accessible with Gen AI. If knowledge is more accessible, then more people can engage with the sector and get a richer experience from it. For me, that would be truly ground-breaking. And, of course, I work for Salesforce, so I believe that getting closer to the customer and engaging with them in creative ways, using Gen AI to facilitate that relationship, is the key move you need to make right now.<\/p>\n\n\n\n

How can the WAM sector open new markets and engage with clients who either don\u2019t want the old-style WAM approach or don\u2019t understand it?<\/p>\n\n\n\n

Though Gen AI can work at speed to make sense of information and present insights, options, and strategies, it\u2019s the human element that really counts, your relationship with your stakeholders, especially clients. The new breed of investors expects a substantial digital element to their relationship with a wealth manager or advisor. Almost every other aspect of their daily lives is, after all, mediated in some form by a digital tool. The point is to balance the use of Gen AI with the personal relationships you have with clients.<\/p>\n\n\n\n

These are broad brush areas. For me, even on a day-to-day operational level, Gen AI can turbocharge productivity. Think call summaries for your relationship managers, think first draft responses framed for service centre agents, think auto-creation of knowledge articles based on trending cases, think copywriters in marketing getting first drafts done faster, summarising information for advisors, streamlining technical \/ product documentation etc. Salesforce just introduced Einstein GPT as a part of my mailbox, and I am looking forward to having a blast – cutting down the time it takes to frame and type emails.\u00a0<\/p>\n\n\n\n

The sector is already thinking positively<\/h2>\n\n\n\n

A recent Bloomberg-sponsored roundtable of experts provided a refreshingly positive outlook on the uses of gen AI in the\u00a0WAM sector<\/a>:<\/p>\n\n\n\n