CLOUD SOLUTIONS
FINANCIAL SERVICES INDUSTRY SET FOR AI OVERHAUL
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Managing information with AI and meta-data
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
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 the 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
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 autopopulate home screens based on the client meetings in their calendars . As a result , there is no need to manually dig out client books , 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 .
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 . �
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