In recent times China has increased its use of artificial intelligence to digitize wealth management. Artificial Intelligence is being incorporated by companies and businesses for its predictive analysis and recommendation engines. This helps customers make informed financial decisions by providing customized advice and service.
AI helps businesses by analyzing consumer trends, building comprehensive customer profiles, and performing in-depth risk assessments. Institutions are making use of AI for performing grueling tasks, such as managing and updating the algorithms and digital tools used, thus freeing the employees to focus their energy on improving customer experience.
China is easily Asia’s biggest wealth management market. Hence it has the most potential to lead in financial technology application in the region. Giant commercial banks in China consider AI to be a key factor in financial planning. They are successfully making use of robo advisors to land more high net worth customers. The new crop of high-net-worth individuals in China mostly constitutes of consumers who prefer the use of digital technology over traditional human interaction, which explains China’s urgency to go digital.
Ant Financial, an affiliate company of the Chinese Alibaba Group, has made AI provided computation tools readily available to users of Ant |Fortune, their wealth management platform. Ant Fortune also debuted its AI bot assistant which helps users review their asset allotment, evaluate their investment plans, make them vary of the financial risks, and receive customized suggestions for asset allocation. The algorithms used recommend funds on the basis of each client’s financial portfolio, encouraging clients from all strata to invest.
Ant Financial credits Artificial Intelligence for a huge 70 percent growth in the number of transaction users from last year. Their aim is to provide the customers with a varied range of services by way of which they can fulfill their financial tasks at one platform and get encouraged to place all of their assets under their roof.
The data shows that Artificial Intelligence has indeed revolutionized wealth management; however for this incorporation to keep running successfully institutes and businesses will have to ensure that a perfect balance is maintained between the use of AI and actual human resources.
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