Applying AI to Wealth Management : towards an augmented advisor ?

OneWealthPlace‘s experts : Applying AI to Wealth Management : towards an augmented advisor ?

Is digital a threat or an opportunity for private banks? According to Alexandre Harkous, CEO and Founder of OneWealthPlace, private banks will not be replaced by machines. Even though robots offer more transparency and trust in the relationship between the advisor and the client, the human factor still remains a key element.

With the regulatory changes, the pressure on their margins and the shift in clients’ habits, private banks can not engage in a price war. The most viable solution for these structures is then to rethink their business model and to invest in the technologies that will decrease their cost, improve existing client retention and develop new segments.

But which model should you adopt? Today, it is urgent to digitalize but it starts with admitting that there is a gap between what was promised to the client and what has actually been delivered. Artificial Intelligence is the solution for banks to improve client knowledge and it can, for example, detect an “anxious” behavior of a client, automate tasks and spare the wealth manager precious time.

“But digitalizing does not mean adding new functionalities. It means digitalizing the whole client experience to maximize the ROI”

Alexandre Harkous, CEO and Founder, OneWealthPlace

Digitalizing private banks is crucial and there are many reasons for that, explains Sophie Breuil, Head of Client Service at Neuflize OBC. Digitalizing improves client experience, increases the advisor’s efficiency, decreases the risks of non-compliance and creates new business models.

“If we look at the competitiveness and the generational changes, we are in a hurry. We need to invest in these new technologies”

Sophie Breuil, Head of Client Service, Neuflize OBC

Putting the client at the heart of the system thanks to digital tools is, according to her, a priority. With clients that have been too segmented and 1/3 of which declare being ready to use the financial services offered by GAFA, digital and AI can personalize the relationship and make the relationship with millennials last.

AI, at every level of the relationship with the client, transforms the advisor into an “augmented advisor” and increases private banks’ businesses. An agile structure, a good understanding of the clients and an emancipation from the internal and systems constraints are necessary to start this digital transformation. Using technology in Wealth Management is “an incredible growth leverage” concludes Alexandre Harkous.


Presentation by Alexandre Harkous, CEO and Founder of OneWealthPlace and Sophie Breuil, Head of Client Service at Neuflize OBC.

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