Digitalization Is Reshaping Wealth Management Says New Fiserv White Paper
November 28 2018 - 8:31AM
Business Wire
In an industry ripe for change, data-driven
robotic process automation and artificial intelligence have a clear
role to play
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of
financial services technology solutions, has published a white
paper outlining how robotic process automation (RPA), artificial
intelligence (AI), and other digital innovations are providing new
ways for wealth managers to interact with clients, enhance the user
experience, and gain a significant competitive advantage.
In the white paper, “How Digitalization Is Reshaping Wealth
Management,” Fiserv calls attention to how new technologies are
changing the way wealth is managed. The paper examines the digital
transformation currently underway in wealth management,
highlighting the ever-increasing significance of data and outlining
the benefits and development of a data strategy as well as
associated technical frameworks.
“The wealth management industry has historically been slower to
adopt digital trends; however, we are at an inflection point with
the emergence of clear, high value use cases providing a compelling
reason to change,” said Tirdad Shojaie, senior vice president,
product, marketing and business strategy, Investment Services,
Fiserv. “Beyond improving efficiency, transparency, and real-time
interaction with clients, digitalization opens the door for
teaching the fundamentals of investing and financial
responsibility.”
Technologies such as RPA and AI can improve accuracy and
efficiency and lower costs. Advances in AI promise to change the
way people manage their money and how they receive financial
advice. Using intelligent algorithms, RPA can automate repetitive
wealth management tasks that are labor-intensive and prone to human
error. Examples include:
- Client onboarding performed
remotely without physical documents or having to re-key information
into multiple forms.
- Financial planning/data
aggregation with interactive tools and aggregated data, so
clients can build financial plans and portfolios in real-time.
- Trade processing that reduces
risk of human error by eliminating the need to manually upload data
files to back-office systems.
- Reconciliation with automated
data retrieval, corrections, and adjustments based on predefined
rules and formatting criteria.
- Fund administration/financial
reporting with validation checks across repetitive, rules-based
process segments that are prone to human error.
The white paper can be downloaded at
fisv.co/wealthdigitization.
In a world moving faster than ever before, Fiserv helps clients
deliver solutions in step with the way people live and work today –
financial services at the speed of life. Learn more at
fiserv.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create
and deliver financial services experiences in step with the way
people live and work today. For nearly 35 years, Fiserv has been a
trusted leader in financial services technology, helping clients
achieve best-in-class results by driving quality and innovation in
payments, processing services, risk and compliance, customer and
channel management, and insights and optimization. Fiserv is a
member of the FORTUNE® 500 and has been named among the FORTUNE
Magazine World's Most Admired Companies® for five consecutive
years, recognized for strength of business model and innovation
leadership. Visit fiserv.com and follow on social media for more
information and the latest company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20181128005397/en/
Media Relations:Ann CaveDirector, Public RelationsFiserv,
Inc.678-325-9435ann.cave@fiserv.com
Additional Contact:Alexander ShorterSenior Manager,
Public RelationsFiserv,
Inc.678-231-0226alexander.shorter@fiserv.com
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