For Financial Companies wanting to retain and enhance their “Wealth Management” product and services, the target audience is changing rapidly. Without mass personalization and digital-first offerings,traditional wealth management firms will face a big challenge. If you want your wealth management operations to remain profitable, you have to focus and think about who your new target customer is, and how to engage with them.

From the “supply side” Recent US studies show that Legacy Companies (like - Commercial or Retail Bank, Asset & Fund Managers, Private Bank, Brokerage Firms,Online Trading Firms etc.) will grow at a much slower rate in the next three years than New Age Companies or Companies ahead in adopting “Digital”(like – Hedge Funds, Private Equity Funds, Full Service Institutions {like Citi, UBS etc.}, Independent Financial Advisors, Fintech {including robo advisors} etc.).  

From the “demand side” if the thought process was that your target audience are the old age high net worth individuals that might be changing. New found studies in the USA have revealed that Gen X will overtake the old age boomers and also the new millennium in rate of growth in adopting Wealth Management services. The switch or to start of a new wealth management services maybe because of trigger point of events like –

• Losing jobs or change of employment (61%)
• After getting married, having children, receiving an inheritance, or starting a business (49%)
• After divorce or separation(43%)
• Sending kids to college, buying a property, or retiring (38%)

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CloudPrisma understands the dynamics of the industry and leverages its technology expertise in AI, Cognitive & Big Data to digitize the experience by leveraging new data points, both internal and external, structured and unstructured and applying them on the company specific Wealth Management algorithms to create a 360 degree view of the “customer” and customize the offerings.

CloudPrisma 360 Degree Customer View Solutions is divided into three progressing blocks to transform the customer experience-

1.      Data Driven Customer Onboarding -Infusing more data into the digital account opening process and using      machine learning to –

• analyze the customer’s current life stage, interests, and portfolio goals
• gauge the customer’s investment style beyond the standard aggressive, conservative, or balanced approach
• recommend the most relevant starter products based on profiling or introduce relevant automated wealth management offerings for easy investment
• perform AML (Anti-money laundering) and KYC (know your customer) checks in the background by pulling data from both internal and external sources.

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2.      Real-time decision analytics for the “Advisor” – CloudPrisma strongly feels that AI must include human advisors from the equation and augment their capability with the goal of leveraging good algorithms to help the advisors make the right call both at the client/customer and company levels. CloudPrisma incorporates AI/ML to increase the scope of predictions, prescriptions & personalization that the company can deliver to their clients based on their capability. Some of the possibilities are –

• personalized next best action advice for clients at different life stages
• predictive lead scoring to identify the best prospects for new products
• advanced predictive and prescriptive financial analytics to increase your business resilience.

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3.      Prescriptive and Predictive Analytics for Investment advice – With new age Clients becoming more reluctant to subscribe to any generic portfolio which gives returns or “works”, the need has arisen to offer products and services that meets the Clients stated or perceived “goals”.CloudPrisma can use AI to create categories of assets based on needs such as –

• a safe category of government bonds and treasury products to meet the retirement needs
• a liquid category that creates a positive annual cash flow
• arisky category with risky stocks with potential for high returns.

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CloudPrisma uses the above approach to provide customized solutions right from proof of concept or ideation to fullblow product solutions available on multiple devices, deployed in an intelligent hybrid model with the state of the art advance Digital tools.

CloudPrisma makes the solution available in a lean and cost effective manner and provide some of the below business benefits to its customers –

1. Providing a new experience to its clients welcoming them without a mountain of paperwork, impress them with a straight forward, interactive digital onboarding process.
2. Providing the capability perform behavior-based customer segmentation to optimize service levels
3. Ability to allocate portfolio sand provide investment advice based on alternative data.
4. Improve trade execution to minimize risks and costs.
5. Streamline investor relationship management, cross-sells, and up-sells.
6. Optimize product–channel mixes to align marketing and sales for better results.

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Stay ahead of your competition and grow profitably with CloudPrisma’s intelligent insights into your clients.

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