It might sound surprising, but your wealth management clients are already using AI in their everyday lives. It’s a part of their daily interactions - whether they are viewing intelligently compiled emails in Google Inbox or having Facebook automatically tag friends via facial recognition. But AI that solves for a disorganized inbox or social media tagging doesn’t solve the challenges of the financial services industry where firms are competing in a new era of fintech disruption. Today’s leading financial services firms are solving for a different set of challenges, unique to strengthening the client-advisor relationship and delivering personalized advice at scale.

According to Thomas Zink, Associate Research Director for IDC Financial Insights, artificial intelligence is “one of the hottest themes on the IT innovation agenda for financial institutions” and a key answer to the challenges facing firms today. IDC sees AI as transforming financial services on multiple fronts, especially with regards to “removing friction and increasing productivity.”¹

Salesforce Einstein echoes this message by bringing AI into every client relationship. With Einstein, the World’s #1 CRM is now the World's Smartest CRM with AI integrated into the Salesforce platform to gather insights from all types of client data. IDC sees AI as “transforming financial services on multiple fronts, firstly because of an almost infinite number of use cases.”¹ And we’re already seeing this impact across financial services from wealth management, to retail banking and insurance.

Now more than ever, there is an incredible opportunity to infuse AI how we serve our clients throughout their lifetimes. Here’s how we see the power of Salesforce Einstein across financial services:

A Virtual Assistant for Every Wealth Advisor

Imagine if advisors could have a virtual intelligent assistant at their fingertips that pulls together all relevant client information into one succinct summary prior to a meeting. With Einstein, clients can be segmented based on key attributes, such as financial goal progress or accounts, so advisors can focus their attention on their most important clients while still maintaining a high touch relationships across their entire book of business.

Needs-Based Product Engine for Every Retail Banker

IDC notes that the financial services industry “tends to recommend what they know, but not necessarily what the customer is interested in or what offers the best opportunities.”¹ With intelligence, retail bankers can leverage “product recommendation engines that are personalized to the customer’s specific interests” ultimately “increasing the relevance and value

to the customer considerably.”¹ With insights into customer data patterns, retail bankers can rely on Einstein to predict the right products that truly align with a customer’s financial needs.

Efficient Service with Predictive Case Deflection

What if you could answer insurance policyholder questions before they call the contact center? With automated case deflection, cases can get automatically classified and intelligently routed. Insurance agents are only presented with relevant cases, and conveniently served recommended next best actions so they can deliver a superior service that aligns with protecting a new home or car.

The financial services industry is getting smarter about managing client relationships. With Einstein, we can discover client insights, predict, recommend and automate core processes to drive productivity and deliver the kind of service our clients deserve. The end result? An industry that’s more proactive and more connected to clients than ever before.

¹IDC, IDC FutureScape: Worldwide Financial Services 2017 Predictions, #US40132516, November 2016.

About the Author

Ash Shah leads the Financial Services industry team for Salesforce. His team is responsible for defining the overall GoToMarket strategy for Banking, Insurance and Capital Markets. Ash has been at Salesforce for five years and is focused on helping companies across the Financial Services industry transform their business and evolve their customer relationships.

Ash has 20 years of experience in financial services. He previously held positions with Merrill Lynch and JPMorganChase focusing on delivering technical solutions to the business.