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Artificial Intelligence - a Key Success Factor for Wealth Management Industry

Author

Listed:
  • Plamen Dzhaparov

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

The Private Banking & Wealth Management (PWM) industry is generally seen as embodying traditional, old-fashioned and even archaic values. Upheld for centuries, its business model, which is based on intensive, comprehensive and discreet personal interactions between financial advisors and wealthy clients, is put to the test today. In today's dynamic and highly connected world, a large number of HNWIs (High Net Worth Individuals) want faster and more convenient value propositions and a cutting-edge digital experience - a trend that the pandemic has amplified many times over. In order to meet the increased expectations of this clientele, private banks and other institutions in the sector are increasingly investing in a number of new technologies and tools, artificial intelligence (AI) taking a leading place among them. In addition to enabling a more complete and qualitative satisfaction of user needs, AI promises benefits for PWM companies in a number of other areas: risk management, compliance, cost reduction, etc.

Suggested Citation

  • Plamen Dzhaparov, 2022. "Artificial Intelligence - a Key Success Factor for Wealth Management Industry," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 11(2), pages 97-104, August.
    • Handle: RePEc:vra:journl:v:11:y:2022:i:2:p:97-104
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    File URL: http://su-varna.org/journal/IJUSV-ESS/2022.11.2/97-104.pdf
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    References listed on IDEAS

    as
    1. Krassimira Naydenova, 2018. "Built-In Problems in the New European Regulations for the Bulgarian Capital Market," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 106-134.
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      Keywords

      Artificial Intelligence; Machine learning; Wealth Management; Private Banking.;
      All these keywords.

      JEL classification:

      • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
      • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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