Artificial intelligence can help businesses identify new clients and streamline back office operations, but so far, only the largest companies have found the data-heavy tech practical.
Early adopters of artificial intelligence are expecting substantial increases in profitability in 2018, according to the Nationwide’s Advisor Authority survey of 1,700 advisors. But, those that used big data were also more likely to have sizeable assets under management, over $250 million in AUM and incomes of more than $500,000.
That’s because, for more modest firms, fewer clients mean less reliable data. “Wealth managers are still struggling to get a consistent line of sight on customer data and that includes things like demographics and transaction data,” says William Trout, senior analyst at the consulting firm Celent. “To what extent will that lack of visibility — and ultimately understanding of the client — inhibit the delivery of services.”