Putting AI Front And Center In Back-Office Operations

Experts From CogniCor, Docupace And Sanctuary Discuss The Demand And Uses For AI Solutions

Business professionals tasked with building efficiencies within their firms have a powerful ally in artificial intelligence (AI). As AI’s potential is more broadly tested throughout the wealth management industry, it has shown itself transformative in its ability to not merely capture opportunities but also create them.

As the cost of capital remains relatively high and the expense associated with building out an in-house AI-inclusive tech stack may be prohibitive for many, wealth management firms have hard choices to make. It’s important to strategically build upon your foundation and allocate resources to areas that will best support today’s needs – all with an eye toward your next step.

And while these expensive programs and solutions can drive efficiencies, are they really in demand across the entire wealth management ecosystem? We spoke to experts with a range of opinions and positions in the industry to gain a better understanding of the demand for these solutions and how firms should allocate resources to keep their tech stack stable and delivering value for users well into the future: Sindhu Joseph, CEO and Co-Founder, CogniCor; Ryan George, Chief Marketing Officer at Docupace; and Robert Coppola, Chief Technology Officer of Sanctuary Wealth.

Sindhu Joseph, CEO And Co-Founder, CogniCor

Sindhu Joseph, CEO & Co-Founder, CogniCor
Sindhu Joseph, CEO & Co-Founder, CogniCor

Enhancing personalized client care is driving demand for AI-enabled solutions by wealth management firms because advisors need more time and better information to achieve this goal. Over the past few years, we have laid the foundation to deliver a seamless AI-enabled digital assistant that works with leading CRMs so advisors and their firms can automate all routine operations.

Everything from rote actions like opening an account to scheduling a meeting, to more complex matters like identifying long-term trends or actionable insights from notes and holistic data sets can be achieved through our CogniCor Co-Pilot solution.

This shift in capabilities allows us to incorporate personalized service into a more efficient advisor experience. We can now deliver real-time client insights so advisors can provide personalized service at scale while also fulfilling straightforward requests, like updating the address across a client’s accounts.

This is what people will come to expect from AI-enabled solutions – a balance of simple demand fulfillment with more customized solution delivery, and CogniCor has successfully found this balance for the wealth management industry.

Ryan George, Chief Marketing Officer, Docupace

Ryan George, CMO, Docupace
Ryan George, CMO, Docupace

Over the past year, we’ve seen a meaningful increase in curiosity – not demand – in AI-enabled back-office solutions. This aligns with the explosion of AI in the mainstream and significant advancements in generative AI. However, when we look at what our clients need, it isn’t what these new advancements provide, hence the limited demand. There has been sustained demand for our automation products that streamline critical back-office functions, as it’s a product that has a proven ROI for the wealth management industry participants.

We continue to review and consider ways to enhance our products with AI, but we have not seen the watershed event in our space that we’ve seen in other areas in our or other industries.

Robert Coppola, Chief Technology Officer, Sanctuary Wealth

Robert Coppola, Chief Technology Officer, Sanctuary Wealth
Robert Coppola, Chief Technology Officer, Sanctuary Wealth

Our team continuously evaluates tools to augment our technology platform and suite of solutions. Two pivotal questions steer our decision-making process: Will these solutions empower our partner firms to accomplish their objectives, and will the tools improve both the advisor and end-client experience? However, answering these seemingly straightforward questions is complex. We aim to cultivate a technology stack that enables elite advisor teams to achieve accelerated growth with Sanctuary, surpassing other platforms in a manner that is scalable, reliable and safe.

In the realm of AI-enabled solutions, we see a compelling opportunity, primarily in the back office. Automated form completion promises substantial efficiencies and a notable decrease in not-in-good-order (NIGO) violations. The continued improvements in natural language processing (NLP) and machine learning (ML) present avenues to transform and simplify how meeting notes and CRM data are handled, offering actionable insights for advisors to evaluate and utilize where they choose, enriching client engagements.

These tools are poised to enhance existing practices by alleviating the burden of essential yet time-consuming tasks and paperwork to ensure personalized client materials are delivered promptly.

While I firmly believe in AI’s transformative potential in wealth management, I also recognize the importance of personal relationships and the unique value that individual advisors bring to their clients. As firms expand, leveraging AI-powered tools will afford them the agility to sustain superior service quality while accommodating a growing client base.

Integrating AI into our ecosystem is a strategic step towards fortifying operational efficiencies and enhancing client interactions, thereby empowering our partner firms to continue to excel in an increasingly competitive landscape.

Michael Madden, Contributing Editor & Research Analyst at Wealth Solutions Report, can be reached at mmadden@wealthsolutionsreport.com.

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