Founded in 2010, Quovo is located in New York and has received $15.2 million after three rounds of funding. The company provides account aggregation and data analytics for financial accounts. The Smart Account Aggregation puts all financial accounts into one simple to read dashboard while reconciling, transforming, and normalizing data. The Portfolio Analytics is designed for investments so people can see statistics over any period for any of their portfolios. The technology can be used by entrepreneurs, advisors, and financial institutions.
The prospect of lower costs and bigger markets is driving the adoption of AI in retail banking and wealth management, writes Aggie Anthimidou. It doesn't take a super computer to work out that artificial intelligence is going to make banking more effective. Banks have been using basic customer data to sell more products to the right people for decades. According to research group Forrester, AI will be one of the 15 fintech technologies to watch over the next four years. Its potential to sift and analyse the vast volumes of data that banking generates to give a competitive edge, increase transparency and bring down costs.
By redirecting focus, wealth managers can successfully respond to challenges brought on by digital disruption, demographic shifts, and tighter regulation. Wealth managers have seen their fair share of ups and downs in recent years, and while challenges remain, advisers can drive business and growth by paying attention to demographic segmentation, how investors are using technology, and changes in regulation. In this episode of the McKinsey Podcast, Simon London first speaks with PriceMetrix chief customer officer Patrick Kennedy and McKinsey partner Jill Zucker about the North American wealth-management industry; he follows that with a discussion with senior partner Joe Ngai, on the industry in China. Simon London: Welcome to the McKinsey Podcast with me, Simon London. Today, we're going to be talking about financial advice and the people who provide it: financial advisers, or as they're sometimes known, wealth managers. Wealth management is a very big business--and also a business facing a number of challenges, such as new technology, changing demographics, and tighter regulation in a lot of countries. A little later, we're going to be getting a perspective on China. But we're going to start here in North America. For the first part of the conversation, I'm joined on the line by Jill Zucker, a McKinsey partner based in New York, and Patrick Kennedy, who's based in Toronto. Pat is chief customer officer for PriceMetrix, which provides data and analytics to the wealth-management industry.
The usage of Artificial Intelligence (AI) has been raised throughout the world from smart devices to the well-known Siri application on Mac gadgets; AI is everywhere, even though wealth management and the finance field follow a more conventional path, which does not mean that they are exempted from such trends. The latest integration for AI is Robo Advisory in Wealth Management. While some may be apprehensive about such science-fiction tactics to the financial system, those robots have the strength that transforms into a wealth management approach. Moreover, AI robots are increasingly being used by the millennial generation to maximize their investment returns and tackle diverse financial requirements effectively. By utilizing this fintech strategy, advisors and wealth managers can look forward to creating accurate financial plans for their clients while delivering stellar service.
The past few years have been a race for relevance for wealth managers, with the financial services sector undergoing massive changes. Customer expectations, regulatory developments and the increasing impact of technologies are driving a paradigm shift in the market. Therefore wealth management organizations are assessing their growth strategies and identifying ways to capitalize through new opportunities such as deployment of Artificial Intelligent (AI) led solutions. There has also been a constant transformation in investment patterns, customer awareness and subsequently customer expectations from wealth managers in the Indian market. For instance, a lot of Indian investors are now relooking at their investment priorities, with many of them willing to consider beyond traditional financial asset classes such as Fixed Deposits, gold and assets --to more sophisticated instruments of investment.