How Companies Can Leverage AI to Improve Client Experiences

Across the financial services industry, the ability to reach and connect with clients continues to evolve in many dramatic ways. Today, client-facing professionals now have a wide variety of tools to make it easier to deepen client engagements and create new client relationships. AI (more specifically, generative AI) represents an important opportunity to reshape how the industry operates and engages with clients. And, the interest is there. 

Over the last three years, 73% of private banks and 64% of wealth management firms have committed more to AI than any other technology. Leading firms have already implemented innovative AI strategies designed to increase productivity and elevate the client experience. To remain relevant now and into the future, firms will need to identify ways to leverage AI to support their firm’s growth goals. Let’s take a look at two key areas where AI can drive immediate impact for the advisor and client experience: personalized content and virtual meetings. 

Transforming the Landscape of Personalized Content

Clients’ expectations of their advisor and their firm continue to evolve, shaped largely by technology innovations. Personalization is no longer a differentiation; it is an expectation. Clients expect personalized advice, services, and content. Personalizing content for each client can be both complex and time-consuming, often requiring multiple system logins, report downloads, and aggregation of materials from various locations. This process can compromise the quality of the client experience, leading to inconsistencies and a lack of adherence to brand standards. However, with the right technology in place, advisors can automate content production by utilizing data from their CRM and other sources. 

The key to delivering personalized, meaningful client engagements lies in leveraging AI tools. These tools streamline advisors’ workflows by providing instant, customized responses and generating targeted summaries from reliable, secure sources. Which, in turn, enables advisors to focus more on engaging with clients and developing strong relationships. This automation allows for efficient, scalable updates and personalization of content. By reducing the time spent on meeting preparation from hours to minutes, advisors gain more time to concentrate on the meeting agenda and desired outcomes.

Revamping Meeting Processes

Advisor-client meetings are essential to a long-lasting and trusting relationship, but they must be reimagined for both the advisor and client experience. For example, financial advisors spend 32% of their time conducting and preparing for client meetings. They also spend 11 hours per year, per client on meeting-related activities. AI now provides a powerful solution to streamline this process. 

AI-powered enablement technology allows advisors to prepare playlists of content and materials in advance. During the meeting, this technology removes the burden of note-taking by automatically transcribing meeting audio and summarizing key conversation topics. This empowers advisors to concentrate on delivering their valuable experience and guidance without being bogged down by administrative tasks. 

While the meeting itself is crucial, timely and meaningful, follow-up is equally important. Advances in enablement technology, supported by AI, offer summaries of action items and enable the sharing of relevant information through a Digital Sales Room with just one click. This results in more timely, relevant follow-ups that enhance trust and loyalty.

Conclusion

AI presents many compelling opportunities to increase productivity and elevate the client experience like never before. By integrating AI-powered enablement technology into their tech stacks, wealth and asset management teams can enhance personalization, streamline workflows, and transform meeting processes. This technological shift not only simplifies client interactions and content management but also ensures timely, meaningful follow-ups that build trust and loyalty. 

Staying ahead requires leveraging these innovations to deliver exceptional service and maintain a competitive edge in the evolving market. The data proves it: those who have integrated AI into their finserv tech stack are seeing rewards. BCG’s GenAI in FI benchmarking survey of more than 60 major financial institutions, including many wealth managers and private banks, found that 85% of respondents believe that GenAI will be a highly disruptive and/or transformational force.

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