MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Predictive analytics: the future of wealth management?

One of the biggest trends in digital banking and wealth management in 2017 is personalization. As described in this article (source: Bank Innovation), consumers become increasingly accustomed to personalized digital services thanks to innovation-driving companies such as Netflix or Amazon. The core of this new level of service is to know your customers and to meet their individual needs.

Therefore, we highlight this area in detail in our new report on behind the log-in spaces of wealth management apps and secured online portals. Indeed, we found several good examples how wealth managers make use of the data resulting from their clients’ online and mobile usage to improve user experience, client satisfaction and security.

However, monitoring user behavior to detect suspicious actions is only where the journey starts – soon clients will expect no less than getting a truly contextual feeling when accessing their wealth management app. While the article mentioned above states that clients should have the opportunity to set off certain features they do not want to use, we think that online and mobile tools will be required do this automatically. Digital users will create their own digital finance tools not by changing the settings but by simply using them.

Our report sheds light on various areas of digital tools that benefit substantially from technologies like predictive analytics besides presenting the industry’s state-of-the-art client-only solutions and giving valuable recommendations for creating a winning user experience.

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