Digitalization Is Reshaping Wealth Management Says New Fiserv White Paper

In an Industry Ripe for Change, Data-Driven Robotic Process Automation and Artificial Intelligence Have a Clear Role to Play

Fiserv, Inc., a leading global provider of financial services technology solutions, has published a white paper outlining how robotic process automation (RPA), artificial intelligence (AI), and other digital innovations are providing new ways for wealth managers to interact with clients, enhance the user experience, and gain a significant competitive advantage.

“The wealth management industry has historically been slower to adopt digital trends; however, we are at an inflection point with the emergence of clear, high value use cases providing a compelling reason to change”

In the white paper, “How Digitalization Is Reshaping Wealth Management,” Fiserv calls attention to how new technologies are changing the way wealth is managed. The paper examines the digital transformation currently underway in wealth management, highlighting the ever-increasing significance of data and outlining the benefits and development of a data strategy as well as associated technical frameworks.

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“The wealth management industry has historically been slower to adopt digital trends; however, we are at an inflection point with the emergence of clear, high value use cases providing a compelling reason to change,” said Tirdad Shojaie, senior vice president, product, marketing and business strategy, Investment Services, Fiserv. “Beyond improving efficiency, transparency, and real-time interaction with clients, digitalization opens the door for teaching the fundamentals of investing and financial responsibility.”

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Technologies such as RPA and AI can improve accuracy and efficiency and lower costs. Advances in AI promise to change the way people manage their money and how they receive financial advice. Using intelligent algorithms, RPA can automate repetitive wealth management tasks that are labor-intensive and prone to human error. Examples include:

• Client onboarding performed remotely without physical documents or having to re-key information into multiple forms.
• Financial planning/data aggregation with interactive tools and aggregated data, so clients can build financial plans and portfolios in real-time.
• Trade processing that reduces risk of human error by eliminating the need to manually upload data files to back-office systems.
• Reconciliation with automated data retrieval, corrections, and adjustments based on predefined rules and formatting criteria.
• Fund administration/financial reporting with validation checks across repetitive, rules-based process segments that are prone to human error.

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