This week we continue with part 2 of our five-part series, where we explore how artificial intelligence (AI) enhances the client experience by creating an end-to-end digital experience without armies of software engineers.
By Teresa Leno
The wealth industry is embracing Artificial Intelligence (AI) at a progressing rate as tech providers race to implement AI into their systems. Global financial markets use AI technologies to improve customer service, manage operational costs, and enhance efficiency.
One of the AI applications that stands out includes the use of chatbots. AI in chatbots within the wealth industry revolutionizes how financial advice is delivered, wealth is managed, and client interactions are handled. Here, we explore the critical benefits that AI in chatbots brings to the wealth industry.
Using Chatbots to Maximize Efficiency
One of the benefits that AI in chatbots brings to the wealth industry is the promotion of efficiency. AI-driven chatbots are designed to manage and process vast amounts of data at an unprecedented speed, much quicker than humanly possible. By automating customer support, the bots free up time for humans to concentrate on complex, high-value tasks.
Chatbots can answer simple questions, update client location information, and more, providing advisors and support staff more time to focus on relationships versus tasks quickly completed by AI chatbots. Consequently, it leads to streamlined operations, managed human error, and increased productivity.
Enhanced Client Experience
Characterized by the increased demand for personalized and seamless customer experiences, chatbots are a must-have tool for enhancing the client experience. By leveraging machine learning and natural language processing, chatbots can understand and interact with clients in a natural and personal way. Chatbots can provide real-time responses to clients’ queries, reducing waiting times, which increases customer satisfaction. Moreover, AI chatbots have the potential to offer bespoke financial advice based on an individual’s financial behavior and goals, thereby enhancing personalization in wealth management.
24/7 Customer Support
Unlike humans, who need to rest during off-hours, AI-powered chatbots can work around the clock, addressing clients’ queries at any time of the day or night. This 24/7 availability is crucial in the wealth industry, where clients may need to make critical financial decisions at times outside regular business hours. The constant availability of chatbots ensures that clients can access the support and information they need when they need it, which goes a long way to bolster customer loyalty and satisfaction.
Chatbots are also a cost-effective solution for the wealth industry. Building and integrating chatbots in the system can be done at a fraction of the cost of hiring and training humans. Moreover, using chatbots can significantly mitigate operational costs associated with customer support staff. Consequently, lowering costs by implementing chatbot technology leads to higher profit margins without compromising the quality of client service.
Risk Management and Compliance
AI chatbots are also incredibly effective tools for managing risks and ensuring compliance. In the highly regulated wealth industry, chatbots can maintain a log of all customer interactions, thus providing critical data for auditing and compliance checks. Additionally, chatbots can alert wealth managers about illegal or suspicious activities, essential in preserving clients’ wealth and avoiding potential legal issues.
The wealth industry’s future is intertwined with the adoption and integration of AI chatbots. Investing in quality, intuitive, and customer-centric chatbot technology is paramount to unlocking and managing the benefits of AI to help enhance the client experience.
Read all the posts in this series here:
Author Bio: Teresa Leno is a former financial advisor turned entrepreneur and the CEO and founder of Fresh Finance, a marketing technology designed for the wealth, banking, and insurance industries. Her experience has touched wealth industry technology across applications- portfolio management systems, trading and rebalancing, CRM, etc., including the use of AI in wealth tech and marketing technologies.