Enhanced Customer Experience through improved portfolio matching
Predictive analytics to provide deep insights on
investments to increase the performance of portfolios
Process
The Investment advisor takes request from the customer to redeem, switch or make additional investment. The manager analyzes existing portfolio of the customer, and depending on their profile they suggest appropriate changes in their portfolio. Wealth Manager ends up managing anywhere between 200 to 600 portfolios. This becomes unrealistic without technological advances to help provide a timely insight towards portfolio goals.
Solution
Artificial Intelligence (AI) was used as a solution to create real-time views on the performance of the portfolio. Predictive analytics helped to understand past trends and provide insight into future scope of investments. This is then passed as recommendations to the customers. Virtual Assistant to help interact with customers and take their requests for changes and redirection investment, helped free up time of wealth managers.
Challenges Addressed
Inconsistent customer service
Wealth managers were not able to dedicate individual time to customers due to the large number of portfolios being handled by them.
Low Return on Investment
Overall portfolio performance used to be a concern due to some investments being stagnant over a period of time.
High Turnaround Time (TAT) to fulfill requests
Customers that are proactive about their portfolios expect quick turnaround on changes or suggestions requested by them.
Growth was depended on resources
Adding more customers was highly depended on the number of wealth managers and the time they could allocate to their portfolios.
Outcome
- Two-fold increase in the number of portfolios being managed by wealth managers.
- Overall performance of portfolios increase by 8%.