The potential of unlocking data

Redefining financial services using AI, data, and advanced analytics

Artificial intelligence (AI) represents one of the biggest disruptions the business and financial services world has seen. Across most industries, AI technology is seen as an essential component. Today, the use of smart algorithms has been combined with an explosion of available data across many different channels. This will fundamentally change the way wealth management and financial institutions integrate and utilize real-time data – all for the benefit of a better client service experience.

Financial institutions have access to a wealth of data, but because of silo-based, complex systems, too often the data is cumbersome and costly to extract and explore. To continue to be competitive, financial institutions will need to enhance their analytics capabilities and set up the necessary infrastructure to process all their data. If implemented properly, financial institutions have the potential for an integrated data system that can lead to increased efficiency, business growth, and cost and risk reduction.

Advanced analytics to move ahead of competition

Clients demand a data-driven end-to-end journey

Predictive and advanced analytics, machine learning, and AI are some of the new technologies already influencing almost every part of the financial sector – and will be even more impactful in the future. Wealth managers will have to differentiate themselves from their competitors by delivering a consistent client experience. The Boston consulting group (BCG) reports that advanced analytics can assist wealth managers to create a more tailored client experience with smart alerts, individual product recommendations, and an effective communication platform.

”Advanced analytics in front office give relationship managers incisive and actionable recommendations about prospects that can increase client acquisition 10% to 20%.”

Boston consulting group

Moving forward, providing smarter, more personalized products and services to create a better client experience is just one aspect advanced analytics have the potential to improve. Through integrating AI, data, and advanced analytics, financial institutions will obtain stronger data insights, increase operational productivity, improve back-office efficiencies, and increase margins.

“Advanced analytics in the back-office can upgrade operational efficiency and yield a 20% to 40% cost operating reduction.”

Boston consulting group

To be in an advantageous place in the market, financial institutions need tools to lessen back-office burdens and focus on clients’ needs. The challenge is the initial cost of new technologies investments such as AI, data, and advanced analytics and the commitment to integrate and optimize with a cost-effective external system. In the long run, such an investment will improve the finance services available to clients. Furthermore, client satisfaction creates loyalty and recommendations from clients are critical for any business.

The aim moving forward is to equip wealth managers and financial institutions with useful insights from accumulative data that transforms into client recommendations, high-quality services and have them all accessible on an easy and intuitive platform.

Find out how AI and data represents a big opportunity for financial institutions

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Access to a depth of insights

Customized data insights create an efficient solution

Big data technologies introduction of automation has expanded the range of people who can benefit. Through useful insights, data science solutions, and predictive power, Avaloq’s aim is to enable financial institutions and wealth managers to use data analytics insights to provide a better overall client experience.

Useful insights
For financial institutions and wealth managers to make smarter decisions for their clients, our vision is to use data science models that turn available data into useful insights for wealth managers presented as a quick overview or more scientific, if needed.

Data science solutions
At Avaloq, we believe human-centric data science solutions for financial institutions have the potential to not only deliver high-quality services but to lessen administrative burdens. The use of AI and advanced analytics can positively impact the wealth manager/ client relationship with increased focus and time back on the client experience.

Predictive power
Through our vast experience as a core banking provider, we produce industry-leading data science solutions from machine learning technologies, such as deep learning. Using unrivalled predictive power, we are working continually to increase the efficiency of advanced analytics solutions. We believe the future lies in utilizing innovative solutions, for example, a relatively new concept we have implemented, distributed (federated) learning, improves algorithms without compromising on data privacy.

Introducing Avaloq Insight
At Avaloq, we created our Insight platform to make data more accessible and manageable for financial institutions. Avaloq Insight breaks down data silos to create a unified data foundation, end-to-end. With our advanced analytics solutions, data taken from multiple sources can be translated into actionable insights to implement personalized client services and products.

With the Avaloq Insight platform, we aim to let financial institutions and wealth managers excel in the new era fuelled by the power of data and artificial intelligence.

If you would like to hear more about Avaloq Insight or how Avaloq can help you utilize data better, please get in touch.

Our roadmap

Continuous improvement of our solutions – for the near and long term

Avaloq Insight helps financial institutions utilize their data through use of integration and advanced analytical capabilities. And, by having access to a platform that is constantly being improved, users can make more accurate portfolio recommendations, improve data visualization and strengthen intelligent tagging capabilities. We’re also developing automated updates for CRM while working to introduce a virtual assistant and new functionalities that will allow for client potential identification, advanced network analytics and so much more. Why? So that financial institutions and relationship managers can collect and deliver more accurate insights, faster.

Note: The content of this roadmap is for information only and is intended to outline the general product direction; accordingly, it should not be relied upon for the purpose of making purchasing decisions. The information provided is not a commitment, promise, or legal obligation to deliver any material, code or functionality.

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