Applying Conversational Commerce to Wealth Management: Aligning IT to the Machine World

Industry Trends
Global

Abstract

This report shares ideas on how wealth managers and banks can implement new AI technology to reap the benefits of new digital customer touch points.

Celent has released a new report titled Applying Conversational Commerce to Wealth Management: Aligning IT to the Machine World. The report was written by Kelley Byrnes, an Analyst with Celent’s Wealth Management practice, and Craig Beattie and Nicholas Michellod, Senior Analysts with Celent’s Insurance practice.

Digital customer touch points provide a new way to interact with customers that emphasizes mobility, speed, and comprehensiveness. We think wealth managers need to identify how these technologies impact sales, portfolio management, and customer service and then adapt their organization to minimize negative consequences.

Wealth managers need to move to an open modular architecture, leveraging digital front ends and combining a powerful product configuration and automated back end components.

“Wealth managers should first evaluate their existing IT infrastructure to identify any functional requirements they may be lacking to move forward with integrating new technology,” commented Byrnes.

“Conversational commerce is improving rapidly. Increasingly, cognitive agents are becoming more human-like. Retail banks have implemented advanced chatbots and are exploring use cases in wealth management,” she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

The Emergence of New Digital Customer Interaction Tools

2

 

Defining Machine-Driven Interactions

2

Chatbots

4

Challenges for Wealth Managers

6

 

The Evolution of Cognitive Conversation Tools

6

 

Business Challenges for Wealth Managers

7

IT Alignment Considerations

9

 

High-Level Architecture

9

 

Key Functional Requirements

10

 

Back End System Considerations

11

Celent Recommendations

14

Leveraging Celent’s Expertise

16

 

Support for Financial Institutions

16

 

Support for Vendors

16

Related Celent Research

17

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