Technology Evolution, Customer Revolution.
The rise of digital financial services is transforming traditional business models, and those who fail to adapt risk losing their market position. A key aspect of this transformation is the democratization of wealth management, making it accessible to more people and empowering them to take control of their financial future. Our videos and articles of the week highlight several innovative technologies that fuel this transformation. ?
In this recent video podcast, Oi-Yee Choo, CEO of ADDX, discusses the potential for technology to democratize private markets and make them more accessible to a wider range of investors. Private markets are typically reserved for high-net-worth individuals and institutional investors, as they are not subject to the same level of regulation and disclosure requirements as public markets. However, the emergence of new technologies, such as blockchain and digitalization, has the potential to change this dynamic.
In its newsletter article, 11:FS evaluates ChatGPT's potential to revolutionise financial customer service, financial advice, and financial inclusion. The AI-powered chatbot can provide relevant answers to customer queries quickly and efficiently, improving the customer experience. But its ability to understand human language also makes it an excellent tool for financial education, tailoring its responses to each customer's individual needs. ChatGPT's current datasets limit its application – being more applicable in developed countries. However, as OpenAI continues to improve the product, the implications for financial institutions and their customers could be massive.
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To democratize wealth management, banks can partner with FinTech firms that provide flexible software architecture, enabling the creation of personalized digital solutions based on customer demands. Such collaborations enable banks to compete in the dynamic market and evolve their brand image while meeting customer needs.
Interested in how banks can further succeed with technology and FinTech collaboration? Check out aixigo's whitepaper section and explore related articles!
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Very interesting! Thanks for sharing.
?? Make sure to check out our full whitepaper collection as well: https://www.aixigo.com/articles-papers