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Supporting the Process of Customer Consulting in the Field of Financial Services

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  • Peter Rossbach

Abstract

An increase in competition and a change in customer needs has caused financial service companies to revise their operations and establish a coordinated product and market strategy. Customer consulting is a substantial part of this type of strategy. Due to the increasing number, complexity and diversity of financial products, the client adviser is confronted by a continuously expanding range of required expert knowledge, which in most cases extends beyond his capabilities. To deal with these problems, supporting the consulting process with information technology seems to be appropriate. At a glance, the usage of currently employed advisory support systems indicates that the system support does not fulfil the financial company's needs. For this reason we developed ALLFIWIB to actively support every phase of the client advisory process as well as to improve upon the quality of financial product supply. ALLFIWIB is designed as a blackboard‐based distributed problem‐solving system. Initial usage of ALLFIWIB has indicated that the system is capable of providing intelligent solutions to financial problems and thus considerably lessens the burden on the client adviser.

Suggested Citation

  • Peter Rossbach, 1995. "Supporting the Process of Customer Consulting in the Field of Financial Services," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 4(4), pages 259-272, December.
    • Handle: RePEc:wly:isacfm:v:4:y:1995:i:4:p:259-272
    DOI: 10.1002/j.1099-1174.1995.tb00096.x
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    References listed on IDEAS

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    1. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
    2. Dimitris N. Chorafas & Heinrich Steinmann, 1991. "Expert Systems in Banking," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-11368-2, December.
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