For the past decade, we have looked forward to 2020 to help us think about what the future might hold. That future is now our present. We must define a vision for the future of platforms and adviser technology, for 2030 and beyond. Technology has played a vital role in the wealth management industry, but significant disruption has been a result of regulatory change. The next decade will see technological change take hold, transforming business practices globally.
We recently took part in the ‘NextWealth Insights‘ podcast with Heather Hopkins, Founder and MD of consultancy firm NextWealth. On the agenda were two exciting tech developments that we think will change the face of the wealth management industry: microservices and the adoption of artificial intelligence (AI) and machine learning (ML).
You can listen to the podcast here:
Topics on the agenda included…
- The role of microservices: what impact are microservices having on the financial services industry?
- Artificial Intelligence and Machine Learning: why is everyone excited about AI and ML? Can you distinguish AI from magic? Where can these technologies be utilised?
- AI and the advice sector: can AI and ML also be used to nudge advisers to contact clients proactively?
- Data: making good use of the data collected and thinking beyond what’s required by regulation
- Delivering operational efficiencies: has the COVID-19 pandemic helped to bring a sharper focus to the importance of stability and security while reminding us of the opportunities for technology to support all areas of wealth management to deliver better customer outcomes?
The UK adviser platform market has seen several large scale system replacements over the past five years, and platforms’ change programs are stretched. At Bravura, we can deliver functional propositional change through microservices, AI and ML, without the need for complex system upgrades.
You can read further insights on the future of platforms and adviser technology in our whitepaper ‘Artificial Intelligence and Machine Learning in Financial Services‘.
And if you are interested in having a conversation with us on what your operation might look like in five years time, please get in touch.