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AI in Wealth Management


Insights on Banking Technology Inspired by the Latest News, Studies & Events Stay updated with the best and brightest from the world of Banking!

Chat GPT in AWM – Accelerating Next

Recapping the narrative from our previous feature - BEST PRACTICES IN AWM – the strategy paying off for the Tech companies in the AWM space has the following FOUR IMPERATIVES:

While composable cloud-native platforms must be constructed on a 360-degree ‘customer- ecosystem – technology’ construct [refer to below graphic], this companion piece focuses on the fourth point - recent advances in AI-intelligent systems (or specifically Chat GPT in AWM)

New AWM consumer models (On Demand Streaming, One Click Purchase & more)

In January 2023, within 60 days of its launch, ChatGPT (a popular chatbot from Open AI) topped out with 100 Mn monthly active users. TikTok, the previous record holder, had taken 27 months. Pair this stat with another.

In a McKinsey study, by “2030, 80% of new wealth management clients will prefer advice in a Netflix-style model” – data-driven, hyper-personal, continuously, and potentially by subscription.

Connecting the two begins to portend what the AWM future may look like.

But how is ChatGPT different from its predecessors?

We asked ChatGPT how I can use it to create wealth. It responded along common sensical lines – financial education, market research, etc. 

ChatGPT 08.06.2023 16:14 IST

We asked ChatGPT if it would make investment advisors redundant.

Its cautious response was factually relevant (human empathy, complex markets...)

ChatGPT 08.06.2023 16:18 IST

While GPTs will accelerate money analysis and decision-making, early adopters discuss several limitations.


In sum,

In these early days, critics warn us - that trained on internet data, ChatGPT is open to human biases, lacks human morals, is prey to misinformation, and can easily exploit competitors' confidentiality.

For now, though, AWM firms can begin examining their Tech strategy by - Developing an internal GPT AI Strategy.

OpenAI has made the “brain” of ChatGPT available to the citizenry through APIs. With open minds, leading FIs must study how tech companies and programmers can access the power to build their domain-and-product-specific customer applications.

We asked ChatGPT if it would revolutionize wealth management.

It said, "I can provide some insights, but I can't predict the future with certainty."

ChatGPT 08.06.2023 16:14 IST

We agree.

For the moment, our world views match! 

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