In an industry ripe for change, data-driven robotic process
automation and artificial intelligence have a clear role to play
BROOKFIELD, Wis.--(BUSINESS WIRE)--Nov. 28, 2018--
Inc. (NASDAQ: FISV), 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.
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.
“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.”
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
- Trade processing that reduces risk of human error by
eliminating the need to manually upload data files to back-office
- 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
The white paper can be downloaded at fisv.co/wealthdigitization.
In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at fiserv.com.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For nearly 35 years, Fiserv has been a trusted leader in
financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE®
500 and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. Visit fiserv.com
on social media for more information and the latest company news.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181128005397/en/
Source: Fiserv, Inc.
Director, Public Relations
Manager, Public Relations