This course focuses on how the use of new technologies, in particular artificial intelligence (AI), is changing the private banking and wealth management industry. We will start by having an overview of how the industry has evolved as more technology is deployed in the areas of financial advisory and client engagement. We will then elaborate on the new areas of competition the industry faces and suggests ways on how the RM be prepared and use the latest technologies to compete effectively.

Next the course will give you an introduction to the latest technologies that are being deployed in the industry including roboadvisory, blockchain, and machine learning technologies. By using tools like robo-advisory, AI-based client profiling for better engagement and risk management, sophisticated KYC back-end systems, RMs will become more efficient in their use of their time and focus on the relationship building process.

• Relationship managers and senior relationship managers in private banks
• Covered Person under the Private Banking Code of Conduct (including Assistant RMs, Investment Advisors, Client Advisors, Investment
• Consultants, Investment Specialists, and Client-Facing Product Specialists and all other client facing staff financial advisory and wealth management services to HNW client) are encouraged to follow these standards

• Understand competitors in digital banking and wealth management space
• Awareness of how artificial intelligence works (eg. robo-advisory / automated investment strategies / program trading algorithms)
• Understand how to utilise and integrate robo-advisory into investment advisory process
• Understand how digital technology can be leveraged to improve RM efficiency including
  • KYC process and determining client suitability
  • Client engagement eg. using automatic triggers and/or digital aggregation of news in providing updates to HNW clients

Overview of the changing banking and wealth management landscape

• Challenges faced by the industry
• Industry response to the challenges
• How technology help to address challenges

A brief introduction to artificial intelligence and other technologies

• What are artificial intelligence, robo-advisors, machine learning, etc
• Evolution of the technology over the decades
• Areas where AI is already being deployed successfully
• Which areas it will be deployed in the industry
• Other technologies impacting industry: Machine Learning/ Blockchain/ Robotic Process Automation, etc.

Integrating AI technology in the investment advisory process

• Deploying technologies in needs analysis, asset allocation and portfolio management, monitoring / rebalancing in real-time, investment strategies, securities selection, market timing
• The impact on RMs daily routine and enhanced effectiveness
• How RMs can prepare for changes

The Impact of Technology on Banks, RMs, and clients

• Enhancing Client Prospecting
  • Challenges of prospecting for clients
  • Evolution of client prospecting with technology
• KYC Process
  • Challenges of conducting KYC
  • How KYC will evolve over time with technology
• Client Engagement
  • Challenges of client engagement
  • Enhancing client engagement with technology
• How RMs can leverage technology to increase productivity and efficiency

Summary

Key takeaways

Assessment - MCQ