Wealth Managers: Harnessing Graph Technology and AI to Tap into the Mass Affluent Market

In the digital transformation era, wealth managers and private banks continuously seek opportunities to grow and expand their client base. The mass affluent market is one of the most promising segments in this quest for growth. Boasting approximately 30 million individuals in the United States alone, the potential in this market segment is substantial.

However, the sheer size of the mass affluent market brings its challenges. Using traditional advisor-led approaches to navigate this expansive market terrain can be limiting, given the constraints of time and workforce. This is where technological innovations, particularly graph technology and artificial intelligence (AI), come into play.

Evolving the Role of Advisors

It’s crucial to recognize that the advisor’s role should remain focused on what they do best – offering tailored advice and nurturing trustful relationships with clients. To ensure this, wealth managers must equip their advisors with the right tools and insights.

Historically, advisors have spent a significant chunk of their time on lead identification or sifting through vast amounts of data for actionable insights. With the use of advanced technologies, we can alleviate these time-consuming tasks and pave the way for an advisory model that’s both efficient and scalable.

Navigating the Data Landscape

In the information age, data is abundant. Wealth managers have a plethora of sources to pull from:

• Digital channels that capture user interactions and behaviors
• Third-party vendors and public authorities offering specialized data sets
• Unstructured data sources like news articles and financial filings

The challenge lies not in data availability but in efficiently consolidating and making sense of this data. This is particularly true when blending information across myriad internal and external sources.

Graph Technology Powered by AI: Bridging the Advantage Gap

This is where graph technology enters the scene. Knowledge Graphs offer a holistic view of potential clients by visualizing data as interconnected nodes and relationships. This interconnectedness aids in providing a comprehensive understanding of the client’s professional and personal situation, relationships, preferences, and potential needs.

But integrating graph technology isn’t a walk in the park. Banks and financial institutions grapple with decisions like building proprietary systems or investing in existing solutions. They also face challenges maintaining system performance and ensuring data remains current and consistent.

Moreover, there exists an “Advantage Gap.” While advanced graph technologies are available, aligning them with the unique nature of internal and external data sources and ensuring compatibility is an arduous task. Layer on top of the intricate business logic needed to extract actionable insights, and the complexity is evident.

At CID, we recognize the challenges wealth managers face. Our Advantage Engineers are at the forefront of helping financial institutions harness the power of graph technology and AI. By creating tailored solutions that cater to the unique needs of each bank, we aim to unlock the immense potential of the mass affluent market.

In conclusion, the future of wealth management is data-driven and technologically adept. Wealth managers can scale their services and provide unparalleled value to their clients by leveraging graph technology and AI capabilities.

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