The wealth management industry has undergone a significant transformation in recent years, driven by changing client expectations and powered by advancements in AI and automation. Wealth management firms are expected to fully embrace knowledge work automation platforms that enhance client information management and regulatory compliance by automating back-office processes such as document management and data analysis. This shift will enable wealth managers to focus more on high-touch client interactions and advisory strategy development, reducing manual workload. This will also allow them to offer clients more timely and personalised advice, leading to improved financial outcomes. AI also helps to predict future market changes and advise clients on actions before they occur. Self-service capabilities are another area where AI is making a significant impact, allowing clients to access their financial information, perform transactions and receive advice through user-friendly digital platforms. However, companies must ensure these benefits are considered safe and reliable after the approval of the European Unions AI act.
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