L’Agefi, France: Cognizant’s Assistant Vice President of Consulting Says Software Automation can Empower Traditional Financial Advisers to Give Better Advice

“While the discussion around the benefits of automating some jobs continues, numerous businesses such as banks are already using software automation to improve operational processes and efficiency,” writes Philippe Mallet. “In wealth management, as in nearly every other industry, there are some tasks that robots just can’t do and that’s where a blended model of automation augmenting talented people can provide extraordinary outcomes.” Excerpts:

“Today, banks are already using software automation to improve operational processes and efficiency. The power of smart robots may in fact enhance today’s knowledge-based jobs and even create entirely new job categories.

In recent years, a combination of factors including rapidly developing digital technologies as well as changing customer demographics have led to a number of disruptive start-ups entering the wealth management arena.

By providing their wealth management robots with a set of personal preferences and data including income, savings rate, and preferred level of risk aversion, clients get algorithm-generated advice that they may or may not choose to act on.

Instead of having to spend even more time closely watching information flow, wealth managers are turning to robots to develop their abilities to monitor risk for customers.

Across industries, the benefits of automation are obvious and there is a long tail of processes yet to be automated by a new generation of knowledge “robots”. As disruptive robot advisor start-ups transform the wealth management industry, adopting similar software automation services is quickly becoming a necessity for traditional banks.”

Click here to read the article in French.