Microsoft executive Martin Moeller believes artificial intelligence will revolutionize wealth management by processing vast amounts of financial data, allowing smaller teams to offer services that previously required entire bank teams. This will significantly lower the barrier for startups to enter the market, similar to the impact of digitalization and the internet wave decades ago.
Moeller notes that AI will reduce costs for newcomers and help family offices compete with wealth managers. Additionally, AI will enable customers to independently consolidate information and access complex data 24/7.
Banks can also enter the wealth management business with the help of AI, without investing heavily in customer advisors. Swedish payment service provider Klarna has already seen significant benefits from using AI from Microsoft's partner OpenAI, which has taken over the work of 700 employees. The world's largest asset manager, UBS, also sees great potential for AI in boosting productivity and making jobs easier.
