Advice practices that are implementing artificial intelligence into their processes are boosting client engagement and operational efficiency, according to a new report.
A new Capgemini report has laid out the benefits of artificial intelligence (AI) for wealth management businesses.
The report, which focuses on application development and maintenance, found that 75 per cent of Australian organisations that implemented AI reduced client complaints and increased customer satisfaction by more than 10 per cent.
Nearly 80 per cent of firms that implemented AI managed to increase their operational efficiency by 10 per cent, said Capgemini.
AI also creates better insight and analysis, allowing practice owners to make better management decisions, the report said.
"The financial services industry is a heavy user of IT, since much of its assets, besides cash and people, tend to be IT systems, and most IT applications enable revenue generation," said Capgemini.
"The financial services industry represents a bit of an enigma in that they are early adopters of technology, spend a lot on IT, have strong engineering skills, yet often enough, their work practices are not very mature."
The top priorities for financial services firms are: market share growth, customer engagement, profitability, cyber security, regulation and digital transformation, the report said.
"Financial services firms can access unprecedented opportunities to deliver compelling new products and value propositions to customers by combining insightful use of digital and IT advances with their traditional strengths and prudence; aided by forging value multiplying collaboration with fintechs and InsureTechs," said Capgemini.
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