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New Data Shows Wealth Management Firms Winning with AI

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As firms grapple with decreasing profits due to fierce competition and the rise of self-directed accounts, AI is becoming a powerful tool to mitigate margin pressure and reshape the industry landscape. As wealth management firms experiment with AI, they are wondering: Are we behind or ahead of our competitors?

Wipro recently surveyed 100 CXOs and wealth management leaders from US-based firms with 500+ employees, asking how AI is shaping (or threatening) their business.

The data indicates that the sector is poised for substantial change, with nearly 50% of firms already using AI extensively.

The Evolving Landscape of Wealth Management

Our research reveals that the adoption of Al in wealth management is already widespread:

 44%
of firms are using Al extensively

28%
with robust usage policies in place of these firms

56%
report moderate usage, predominantly with some policies in place.

Early adopters report seeing significant benefits. With AI, personalized and data-driven services are rapidly becoming the norm. Firms that give AI a leading role are positioning themselves to capture significant market share and drive client loyalty in a crowded marketplace.

Sample of Key findings

  • Percentage of firms that have integrated AI into research and analysis

45%
of firms have integrated Al into research and analysis

43%
anticipate additional disruption in this area within the next one to two years

29%
of firms are currently implementing Al in portfolio management;

49%
expect to make further Al-driven changes in the next one to two years.

  • Percentage of respondents enhancing their client experience through AI
New Data Shows Wealth Management Firms Winning with AI
  • Driving operational efficiencies with AI
New Data Shows Wealth Management Firms Winning with AI
Other Topics Report Explores: 
  • Key AI technologies and trends expected to be most disruptive in the next five years
  • Rising interest in predictive analytics and natural language processing highlights a growing focus on data-driven decision-making and sentiment analysis
  • Some wealth management firms may be overestimating their readiness and the effectiveness of their AI usage policies
  • Many more stats and quotes from subject matter experts

Plus, view 5 actionable recommendations garnered from the survey’s findings.

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