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Unlocking ROI: Mastering Hyper-Personalization in Wealth Management

Unlocking ROI: Mastering Hyper-Personalization in Wealth Management

With the rise of advanced analytics and digital capabilities, firms can now deliver real-time, personalized insights and meet clients’ increasing demand for tailored experiences. Hyper-personalization is thus a critical imperative in today’s competitive market, but its implementation is fraught with challenges – from understanding client personas to tech requirements and data privacy. Our unique, industry 1st, framework helps address these challenges and provides a roadmap for delivering impactful client experiences, whether through real-time personalization or product-persona-journey interventions.

Our Industry-First Framework Our framework is rooted in proprietary principles and a unique methodology, and is committed to revolutionize client experiences.Our Industry-First Framework
ROI Impact Our framework isn’t just about enhancing experiences; it’s about driving tangible business outcomes. For e.g.: A minor shift in metrics (1% point in open rate, 0.4% point in click rate) can lead to a significant increase in AUM (USD $1.14mn) within 6-8 months, showcasing the power of our approach.
ROI Impact

In Conclusion In an industry marked by evolving client expectations, our framework emerges as a game-changer. It’s not just a tool; it’s a strategic intervention set to reshape the wealth management landscape.

Dive deeper into our framework and its transformative potential by listening to our Podcast on the same topic here.

Maveric’s thought leadership series – E.D.G.E (Experiences Delivered by Global Experts) – handpicks the game-changing technology ideas and pressing functional questions Banks and financial institutions must solve today.  

These features – reports, whitepapers, podcasts, flyers, blogs, and infographics – are for Banking leaders and Technology evangelists to apply profound trends, the latest opinions, and transformational analyses to boost the performance of their organizations.

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AI in Wealth Management

AI in Wealth Management

Insights on Banking Technology Inspired by the Latest News, Studies & Events Stay updated with the best and brightest from the world of Banking!


Chat GPT in AWM – Accelerating Next

Recapping the narrative from our previous feature – BEST PRACTICES IN AWM – the strategy paying off for the Tech companies in the AWM space has the following FOUR IMPERATIVES:

While composable cloud-native platforms must be constructed on a 360-degree ‘customer- ecosystem – technology’ construct [refer to below graphic], this companion piece focuses on the fourth point – recent advances in AI-intelligent systems (or specifically Chat GPT in AWM)

New AWM consumer models (On Demand Streaming, One Click Purchase & more)

In January 2023, within 60 days of its launch, ChatGPT (a popular chatbot from Open AI) topped out with 100 Mn monthly active users. TikTok, the previous record holder, had taken 27 months. Pair this stat with another.

In a McKinsey study, by “2030, 80% of new wealth management clients will prefer advice in a Netflix-style model” – data-driven, hyper-personal, continuously, and potentially by subscription.

Connecting the two begins to portend what the AWM future may look like.

But how is ChatGPT different from its predecessors?

We asked ChatGPT how I can use it to create wealth. It responded along common sensical lines – financial education, market research, etc. 

ChatGPT 08.06.2023 16:14 IST

We asked ChatGPT if it would make investment advisors redundant.

Its cautious response was factually relevant (human empathy, complex markets…)

ChatGPT 08.06.2023 16:18 IST

While GPTs will accelerate money analysis and decision-making, early adopters discuss several limitations.

 

In sum,

In these early days, critics warn us – that trained on internet data, ChatGPT is open to human biases, lacks human morals, is prey to misinformation, and can easily exploit competitors’ confidentiality.

For now, though, AWM firms can begin examining their Tech strategy by – Developing an internal GPT AI Strategy.

OpenAI has made the “brain” of ChatGPT available to the citizenry through APIs. With open minds, leading FIs must study how tech companies and programmers can access the power to build their domain-and-product-specific customer applications.

We asked ChatGPT if it would revolutionize wealth management.

It said, “I can provide some insights, but I can’t predict the future with certainty.”

ChatGPT 08.06.2023 16:14 IST

We agree.

For the moment, our world views match! 

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Accelerating Next in the AI-Enabled Wealth Management Market

Accelerating Next in the AI-Enabled Wealth Management Market

Asian households with investable assets of $100,000 to $1Mn are projected to hit $4.7 Tn in 2026 from $2.7 Tn in 2021. The McKinsey report further says that for banks and wealth managers, the potential incremental revenue of $20 – $25B equals half of Asia’s industry’s revenue growth in the next three years.

 

History’s lesson – make bold moves and invest early – calls for an innovation mindset

In sum, From harnessing the tailwinds to catapult into pole position, using the industry challenges to create opportunities will mean three growth actions:

 

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