Where Cutting-Edge Tech Meets Wealth Management.

Last month I was on a panel discussion at Allianz Global Investors in partnership with 100 Women In Finance where myself, Inka Nobel Christina Epplen and Robert discussed cutting-edge technologies in the wealth tech space. This was organised by the amazing Wendy Wong .

Here are a few of my points on how cutting-edge technologies can help in Wealth Management

-Wealth management needs to improve customer experience with hyper-personalisation, an area where many incumbents fall short. The integration of AI and ML will be crucial to automate tasks, analyse investment data, and offering predictions and portfolio management suggestions. Additionally, non-intrusive monitoring of customers' financial situations with actionable solutions will become more prevalent.

-Investors now prioritise ESG (Environmental, Social Governance) factors when making investment decisions. Wealth management firms can leverage technology to comprehensively assess sustainability, moving beyond subjective judgments, and thereby discovering growth prospects. Machine learning and AI models are valuable tools in this context.

-Wealth management firms will prioritise offering financial education and wellness programs to empower clients in making informed financial decisions and preparing for their financial futures. These programs can be integrated with personalized AI and machine learning solutions to enhance service delivery.

-Data-driven wealth management involves using data analytics and visualization tools to extract insights from existing wealth technology data. Wealth managers must provide personalised insights through interfaces that align with each customer's preferences and financial goals, creating a personalised financial journey.

What cutting-edge technology are we using at PaceUP Invest?

From our standpoint at PACEUPinvest? GmbH , we have been able to alleviate the worries surrounding the personalisation of individuals' financial asset management queries, financial wellness, and general financial worries via the below:

• Generative AI?to simplify into our own language and demystify financial jargon. This also enables financial document upload in several formats (pdf, docx, txt), privately, as they are encrypted on both ends (end to end), without us being in the know of what the contents are.?

Several, mathematics, economics, and econometric analyses can thereby be performed swiftly and privately by individuals by simply asking questions in text format. We employed the use cutting-edge technology with our in-house techniques for optimising user’s experience, and result. ?

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• Other things that worked, in our case, are?our Agents?which our users use in carrying out tasks on our platform, e.g. Goals Setting for Personal Finance, Dollar Cost Average, Expense Tracking, and so on.

AI Agents: Carry out tasks automatically, give and navigate to results, store memory, and remember context autonomously. They will also be cutting edge whereby they will have some degree of guarded autonomy to suggest and implement off-session tasks/activities.

• ?Playground: Get an idea of what a hypothetical portfolio in the financial market will look like, depending on the investor’s current risk tolerance, calculated based on certain Attributes, such as Salary, College Education, Net worth, Marital Status, and Children etc

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• Platform Wide Recommendation Systems: A platform-wide recommendation system, that continuously learns users' financial habits on the platform through our AI Algorithms, which in turn recommends learning opportunities such as courses, webinars, and workshops tailored to the user’s knowledge level and comfortability. This will also eventually feed into the AI Agents' memory and further help in making the user’s financial well-being better and smoother.?

What are your thoughts? I look forward to reading.