The entire financial world continues to embrace the promise of FinTech to forge a new digital transformation.
This includes the typically conservative wealth management sector, as companies continue to leverage AI and other tech innovations. In any competitive industry, organizations slow to adopt the latest IT changes remain at a significant competitive disadvantage.
What follows is a high-level overview of the digital transformation currently affecting the wealth management industry. Use these insights to better plan for your own career growth. Ultimately, providing these companies with your relevant technology talent plays a key role in successfully adapting to this metamorphosis.
How Is the Wealth Management Industry Impacting Tech Career Opportunities?
AI Lets Wealth Management Companies Better Serve Their Clients
Artificial intelligence and its offshoot, machine learning, reside at the center of FinTech in wealth management. AI-powered customer service chatbots let human staff focus on more value-intensive functions at work. Machine learning models help data scientists glean actionable information from massive amounts of corporate data.
This data-driven approach helps WM firms craft products more attractive to clients. In the end, it’s a level of personalized service that retains existing customers while attracting new ones. Once again, companies slow to transform their operations simply get left in the dust.
Helping Financial Advisors Work More Effectively
In a related fashion, this digital approach also enables financial advisors to provide better insights to their clients. They leverage new client tools, enhanced by AI, to assess a client’s current financial health. When combined with the understanding of the client’s investment desires, it enables the advisor to offer more efficacious investment advice. Again, the ultimate result is happier clients – both current and new.
Robotic Process Automation Makes an Impact in Wealth Management
Somewhat related to AI technologies, robotic process automation automates various internal tasks at a financial institution. This is especially the case with certain functions prone to human error. WM companies are able to lower costs, improve their profitability, and ultimately provide better service to their clients.
Financial Institutions Forge New Digital Ecosystems
As the digital transformation matures throughout the wealth management sector, expect forward-looking companies to craft new digital ecosystems. Additionally, an array of financial services delivered through cloud-based APIs open new frontiers for these organizations. Of course, this growth also leads to significant opportunities for tech professionals who boast the right skills.
Looking for the next step in your career?
If this transformation in wealth management intrigues you, connect with the experts at The CERES Group. As one of the top IT staffing agencies in Boston, we can help take your tech career to higher levels of success. Schedule some time with us soon!