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The Virtual Agent: Natural Language Processing in Wealth Management

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7 March 2017
Kelley Byrnes

Abstract

This report discusses natural language processing applications in wealth management, focusing on how cognitive agents and chatbots are deployed today to improve customer experience and reduce customer support response time.

Celent has released a new report titled The Virtual Agent: Natural Language Processing in Wealth Management. The report was written by Kelley Byrnes, an Analyst with Celent's Wealth Management practice.

This report discusses natural language processing (NLP) applications in wealth management, focusing on how cognitive agents and chatbots are deployed today to improve customer experience and reduce customer support response time.

NLP can be used in the wealth management for: onboarding and gathering KYC information, garnering sentiment analysis for stock selection, creating a knowledge base for advisors, providing customer support, acting as a financial virtual assistant, and identifying a client. The virtual agent should have a process ontology that builds best practices, speak multiple languages, be able to detect formality, and perceive when they are not resolving an issue. Before forcing NLP technology immediately into a new enterprise, it is beneficial to create a center of excellence outside the business.

“When deciding on initial use cases to test NLP technology, it is advisable to begin with internal-facing applications. Companies should experiment on employees, rather than immediately test the new technology on external clients,” Byrnes commented.

“In the next 12 months, it is likely we will see many of the largest consumer banks that already have a virtual assistant rolling out new use cases for their virtual assistants both within their consumer banking and wealth management arms,” she added.

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