Gery Zollinger, Head of Data Science and Analytics at Avaloq, an NEC Company, recently shared his views on where artificial intelligence (AI) adoption currently stands in the wealth management sector, how the technology is already being harnessed in the front office and where we can expect to see new use cases emerge.

With the sudden arrival of global lockdowns three years ago, organizations quickly discovered the risk of location dependence and had to act swiftly to simplify client engagement over the internet. This paved the way for an impressive acceleration in digital transformation. Cloud computing technology has been particularly influential in facilitating this trend, with the switch to the cloud allowing companies to offer location-independent services.

Earlier this year, the FCA announced plans to implement a new reform, Consumer Duty, with a view to setting higher standards of investor protection and engagement across the industry. This latest set of rules will be gradually integrated over the coming months, with Consumer Duty fully applicable from 31 July 2023.

Last week, 11 banks, including some of the largest global players, have agreed to pay more than USD 1.8 billion in fines over charges of failures in record-keeping practices and what the US regulator SEC called “pervasive off-channel communications”.

Traditionally, large asset managers offer their products through a B2B partner network. The industry is now moving towards serving investors directly, without intermediaries, through digital channels. How can financial institutions efficiently expand digital investment advice to new client segments?

In the second article of this series, we took a close look at the unique expectations that affluent people in the GBA (Greater Bay Area) have for their banks and wealth management firms and found that they are a complex mixture of the traditional and the modern. We now turn our attention to how executives targeting this market can manage to meet these demands profitably.

In the first article of this series, we looked at the vast scale of wealth creation taking place in the GBA (Greater Bay Area), and at some of Avaloq’s proprietary research that indicates how large the opportunity is for banks and wealth management firms to serve the people driving this growth.

The Chinese government has repeatedly demonstrated its commitment to enhancing trading integration and market fluidity across the Greater Bay Area (GBA). Both have proven to be key to the region’s economic development as it continues to evolve into a global hub for technical and industrial innovation.

See how AI models and the regulation around them have evolved, and learn how financial organizations can ensure the use of a more ethical, unbiased AI system.

The Greater Bay Area and its financial market is changing drastically at an incredible speed. The pool of investible private wealth may double, as the Chinese government runs several initiatives and programs to enhance financial ties in the region.

Take a closer look at investors’ relationship with their relationship manager. What is it they want in an advisor and what would make them leave for another? Who are so-called ‘Loyals’ and ‘Switchers’? And how do investors with financial advisors really feel about the use of artificial intelligence in the advisory process?

Why, how, and in what do people invest? We surveyed 1400+ affluent-to-UHNW investors across 10 countries in Europe and Asia to find out. Explore the fundamentals of investor behaviour in our latest research and see how these insights can help guide your organization.

In this white paper, we outline our vision of non-bankable asset (nBA) investing and the opportunities as well as challenges of nBAs as an alternative investment vehicle. We also describe how financial institutions can take advantage of tokenization for nBA investing.

With the apparent advantages of using data-driven insights to develop their business, many wealth managers are beyond the point of just thinking about data science. This report helps wealth managers with examples of tangible AI use cases and explains how the initial challenges in data science projects can be overcome.

How should financial institutions react to changing investor needs? And what are the most important topics in the Front, Middle, and Back Office of today and tomorrow? Avaloq’s Front-to-Back Office Report will answer just that.

Open banking has become a strategic priority for many financial institutions and wealth managers. In this context, many see IT security as an inevitable evil that limits the potential of an ecosystem.