Fintech provider Salesforce has unveiled an analytics solution that provides AI business intelligence to wealth advisers, retail bankers and managers in the US.
The Einstein Analytics for Financial Services aims to help wealth firms deliver “modern experiences” as clients look towards using technology to handle their financial affairs.
It will include:
- Actionable insights powered by AI: Financial services professionals will have predictive guidance and recommended actions built directly into day-to-day client engagement;
- Built-in industry dashboards: Pre-built templates — such as client financial goals and interactions, referrals, deposits and fees — enable front-line wealth advisers and retail bankers to begin using analytics immediately;
- Customisable platform to analyse external data: Users can build custom analytics apps, and connect to external data sources to get a full view of their book of business to better understand their customers’ financial goals and needs; and
- Built-in compliance with industry regulations: It makes sure all of the security, privacy, auditing and reporting tools are regularly configured and leveraged to meet compliance requirements.
“Artificial intelligence is the modern-day gold rush of the financial services industry, and those that get in early will reap the rewards of this next wave of innovation,” said Rohit Mahna, senior vice president and general manager at Salesforce Financial Services.
AI in the states
There have been conflicting messages about how much AI is starting to work its way into the wealth management sector.
It has seen incredible demand from the financial services industry in the US, with Bank of America rolling out its own conversational banking platform, Erica, which is now being used by around five million customers.
In March, International Adviser reached out to Brandon Rembe of data aggregation and analytics platform Envestnet Yodlee, a firm developing conversational AI technology for the financial advice market.
Rembe said technology is going to be like Google Home or Amazon’s Alexa for advisers.
However, wealthtech in the UK is not set for the AI takeover, yet.
Tom Wooders, head of sales, clearing and wealth solutions at tech provider GPP, told IA in April; that, from his experience in the wealth solution space, AI has not really been part of the discussion.
