Historically, the brokerage industry is boring and traditional, multiple frauds were founded from previous days that offered DIY investors direct access to financial products.
Since then, financial product platforms are innovated at a glacial degree. Intelligent product platforms are created with AI applications and it disrupted the e-commerce industry. DIY investors interact with them. Over the past 40 years, industries saw an explosion in financial product platforms.
While these financial product platforms provide the ability to browse and invest in a wide range of financial products, they lack the “Amazon-like” built-in intelligence on the products but offer solutions to customers. Instead of browsing thousands of products, most DIY investors prepared due to a lack of financial literacy.
AI offers a unique opportunity for financial product platforms to the DIY investor. Imagine, you invest in the future instead of paying a brokerage service or seeking avenues, you have an AI-enabled financial platform watching the trends and offering real-time advice, and suggestions.
So, how will this next generation of AI-enabled financial product platforms be achievable? There are two key aspects to it. Firstly, develop a multi-dimensional Customer Map through thoughtful collection and analysis of customer data.
To the second, AI is applied to predict key events in a customer’s life and show user-centric products and guidance means Data Gathering and Analytics for a Comprehensive User Map.
Instead of relying on legacy systems, an intelligent financial product platform will be built on the premise that “customer data is the new currency.” This is the standard approach followed by the financial advisors that “know-your-customer.”
It begins with an intuitive for customers to securely aggregate information about their assets in one place. Doing so helps construct an overall financial picture of the customer about external investment accounts and product choices, credit card balances, and any student or mortgage debts the customer may have.
Brokerages sector can further enhance the understanding of customers by offering logical “next-step services.” For example, if a customer connects a retirement account, the brokerage nudges customer to perform a retirement analysis and fill additional gaps in the Customer Map. Remained the sector as facing the biggest flaws by Technology.
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