Site Logo

Financial services industry set for AI overhaul

AI will be crucial for better understanding user intent, providing tailored content recommendations, and streamlining how firms manage information. This is according to Ville Somppi, Vice President of Industry Solutions at M-Files.

Artificial Intelligence (AI) is set to play a central role in the future of financial services, and advisors are already recognising the potential this tech has to offer – 98 per cent believe AI will impact the future of financial advice.

So, which areas of wealth management will AI revolutionise moving forwards? And how is the sector already underutilising its capabilities?

Managing information with AI and metadata

Ville said, “metadata can help find information easily by enriching the search criteria. Not only is the system looking for a specific keyword, but it knows to limit searches to defined categories, such as project names or specific users.

“Typically, this metadata is added manually, but AI can help automatically classify data to simplify future searches. For example, AI can determine that a document is a non-disclosure agreement for a designated project and customer, and file it according to this information.

“Developers will place added emphasis on understanding user intent to deliver relevant search results, even if the criteria provided is unclear. Once this tech is implemented, AI will boost search capabilities for financial service providers by pinpointing the snippet of text staff are looking for, instead of leaving them to comb through an entire document to access what they need.

Meeting the compliance burden

Ville said, “thanks to AI, financial service providers can automatically classify information and then apply pre-defined compliance rules. For example, if a document is an agreement that needs to be signed, contains PII-data (personally identifiable information) that needs to be protected with GDPR compliant rules or is part of a specific client project, the access rights can automatically be set according to client confidentiality policy.

“Furthermore, firms that innovate information management processes will benefit from electronic audit trails, where all information can be protected according to the rules of the business. Therefore, when a financial provider is audited, they can very simply show who has viewed or modified a piece of information, prove that all users have read and accepted the latest standard operating procedure and demonstrate that only certain users have the authority to approve commercial transactions exceeding a certain threshold.”

Surfacing content recommendations

Ville said, “AI has already infiltrated our daily lives through content recommendations seen in internet searches, social media browsing, online shopping and entertainment streaming. The same technologies are emerging in the business world, providing the information people need, before they even look for it.

“Through AI, financial advisors can autopoulate homescreens based on the client meetings in their calendar. As a result, there is no need to manually dig-out clientbooks, correspondence or investment recommendations that match the risk profile of each client – AI will automatically supply all the relevant information.”

Knowledge management

Cashing in on knowledge management capabilities will help wealth managers produce, present, and scale their offerings.

Ville said, “analysing how historic assets were built and the market conditions that impacted their performance is a good starting point in the creation of new offerings.”

“Part of a financial asset's success is the way wealth managers can present it. As such, knowledge workers are codifying past successes into a template that captures all necessary product information, and better resonates with the target audience.

“Financial service providers are also building scalability through two methods: showcasing products that perform well and leveraging scalable sales machinery that finds new clients and money to invest. Document management platforms act as the central hub of information, boosting the ability to develop these areas.”

More News
1 month ago
How to prepare for the new changes to employment laws
Employment laws are due an overhaul in April, with changes to flexible working, request amends, and protection for new parents and carer's leave, among other changes. Vivek Dodd, CEO of Skillcast, warns that failure to comply could result in serious consequences.
1 month ago
British Safety Council Keep Thriving workshop to take place in Cardiff
As part of its charitable work, British Safety Council is offering SMEs and micro-sized organisations in Cardiff the chance to attend a 3-hour workshop, delivered by its Being Well Together experts, completely free of charge to explore how to develop a well-being strategy.
1 month ago
Mitel appoints new SVP and Head of International Region
Mitel, experts in business communications, has announced the appointment of Simon Skellon as SVP and Head of International Region.
1 month ago
VIPRE Security Group appoints new General Manager of Business Security Division
VIPRE Security Group, a cybersecurity solutions provider, has appointed Usman Choudhary as General Manager of its Business Security Division, encompassing VIPRE EDR and Advanced Threat Protection for Email, SafeSend for Email, and Inspired eLearning security awareness training.
1 month ago
Ascentae unveils smart workplace experience centre
Ascentae, a UK-based workplace solution and value-added distributor, has announced the opening of a new Experience Centre in the heart of Clerkenwell, London.
1 month ago
IT at forefront of sustainability efforts, but lacks proper tools and expertise
A report commissioned by OpenText has found that IT departments are playing a major role in achieving corporate sustainability objectives and cited the lack of innovative tools and expertise as the primary challenges they face in meeting those goals.
1 month ago
Harrison provides bespoke manufacturing services to B&Q stores
B&Q set out to find a partner that could provide a range of display components, including a new-look dump bin. While the products had already been designed by B&Q, Harrison was invited to tender for the project at a later date.
1 month ago
Leyard Europe LED supports new educational exhibition
A 4K CarbonLight VX LED screen from Leyard Europe forms the heart of a new inspirational and educational exhibition at the headquarters of the European Molecular Biology Lab (EMBL), Europe’s flagship laboratory for research into life sciences.
1 month ago
Crawley Town Centre BID invests in AI visitor behaviour platform
Crawley BID has invested in Place Informatics Visitor Behaviour Platform to help understand, manage, and improve town centre services and events.
1 month ago
Viking re-establishes presence in Ireland
Office supplies reseller Viking is re-establishing its presence in Ireland with the opening of a distribution centre in Dublin, the development of a local sales team, and the creation of a local customer service centre.

Login / Sign up