RPA and AI are Transforming the Wealth Management Industry

A whole new customer base is emerging with a growing number of millennials who are more demanding and connected with the latest technologies as never before. This customer base with continually changing preferences wants information on the go. Traditional wealth management companies can’t manage their demands with paper-based, manual, and time-intensive operations. Moreover, there are several other challenges, including continuously changing regulatory compliance that makes it more difficult for wealth managers to meet their customers’ expectations. Automation with human-like intelligence has become a necessity to overcome these challenges. 

Automation technologies such as Robotics Process Automation (RPA) and Artificial Intelligence (AI) can bring tremendous transformation in both back and front-end operations, helping wealth managers to deal with these changes. Organizations can achieve improved efficiency, productivity, process accuracy, and complete visibility with the help of intelligent automation.

However, the vital question is when and how to implement intelligent automation. Look for simple, repetitive, high volume and manual tasks to automate with RPA. Processes that require human-like intelligence and are not executed based on a fixed set of rules; AI can fit well.

Let’s look at a few of these business process examples:

Trade Processing

Trade processing and report generation, as well as many other tasks related to trade, are time-intensive and high in volume. RPA eliminates the need to manage data files between multiple back-office systems manually. It can process data with a hundred percent accuracy and offers audit reports to trace back every action allowing improved efficiency and visibility. For exception handling, RPA can create and send alerts based on exceptions it finds.


The process of manually comparing data with multiple spreadsheets is quite time-consuming. The Bots can extract data from a variety of sources such as internal bookkeeping systems, and external parties; format information; compare data sets, and make corrections and adjustments based on a set of rules.

Client Onboarding

Time-consuming processes like data extraction and validation can be done through AI and ML capabilities in RPA bots. The bots can go as far as facial recognition for verifying customer images and documents, eliminating parts of a multiple-step process. Know Your Client (KYC) authentication, form automation, elimination of hard copies/ multiple forms, and rekeying of information are some of the many other areas where process digitization can help.

Fund Administration/Reporting

The Bots can perform rules-based validation checks across several segments of the financial reporting process. Moreover, the Bots always follow the predefined rules to execute tasks, and hence, it helps in compliance management. A Bot can complete a process within minutes compared to humans that usually takes days or weeks. The staff can be free from such mundane tasks and focus on more customer engagement and complex operations requiring direct human involvement. Today, these modern solutions are a catalyst in the growth of the wealth management industry. If you are interested to learn more about the topic, register here for a live webinar on 25th July at 1.00 PM EDT.

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