Wealth management and AI come together at five primary points along the value chain: client engagement, product and pricing, client experience, productivity and operational efficiency. According to Gartner, by the end of 2024, three-quarters of enterprises will have shifted from piloting to operationalizing AI.3 In the wealth management industry, early AI adopters focused largely on risk and compliance functions. More recently, attention has shifted to marketing and service. Our survey results indicated up to 80% of respondents reported they're either deploying or scaling both client- and advisor-facing AI-powered technology. By keeping the client at the heart of every interaction, powered by cutting-edge AI-driven analytics and delivered with increased personalization, advisors can better understand and anticipate clients' needs.
Wealth management is poised to capture potential from AI to the benefit of both the top and bottom line. We've seen this firsthand―helping players of all types, sizes and strategies launch their AI journey with measurable results. Our experience shows it's not atypical for a single use case to generate a 20%+ uplift, growing both existing clients as well as revenue from new clients. When multiple use cases are pursued a combinatorial effect occurs, and the longer-term uplift could easily be doubled or more.