Wealth management industry leads way with AI technologies

The UK's wealth management sector has experienced significant growth in recent years and handles around £948bn of assets, equivalent to about 46% of the UK GDP. As such a vast industry, it's not surprising that financial institutions and wealth management firms are looking to be early adopters of the latest AI technologies. Wealth management is a data-rich industry that has traditionally relied heavily on human data rekeying processes. Many thousands of person-hours are devoted annually at these firms to repetitive, mundane data inputting tasks and simple data interrogation and cleansing. Data can be about clients or markets and using the two sources intelligently is a principle of the wealth management business model.