Our editor, Nathan Gore, spoke to Nicholas van Zeggeren, Director of Squirro within the UK and Ireland, about the benefits of AI/ML within the Wealth Management sector.
What would be your brief outline of the benefits that AI/ML can bring to the Wealth Management sector? Or the general tech industry?
The automation of redundant, timeconsuming or mundane tasks is where AI can provide a perfect complement to human intelligence, enabling wealth managers to spend more time focusing on their clients’ requirements. Squirro’s AI helps gather and analyse textual (unstructured) data from a variety of sources, including electronic documents, news feeds and websites and then provides relevant, contextual information – the nuggets of gold from the sea of data. A specific example is the souring of new business opportunities.
Do Startups have the upper hand when being able to take advantage of this new technology? If so, by how much?
Startups delivering AI capabilities have typically architected their solutions with AI at the core and with an openness to input from data sources and outputs to the business that are not always achievable when AI is reverse-engineered into legacy solutions. The pragmatic application of AI in addressing the business use-case and the value delivered from the outcomes are the ultimate determining factors in the startup verses the incumbent supplier or system debate.
What do you see as being the next big advance for ‘robo-advisers’?
Automating tasks that free human intelligence to do higher-value work is already delivering significant productivity gains. At Squirro we see the ability to build on these insights to provide recommendations and prioritise those in the context of the wealth managers’ requirements as the next step to improving the quality and reducing the volume of information that has to be assimilated in providing wealth management services and sourcing new leads and opportunities
Click here to read more about Augmented Intelligence in the Wealth Management Industry.