Autonomous Finance with AI and Machine Learning
Although trusting bank apps and online payment processing can be daunting as we experience a greater presence of machine learning, more clients seem to place reliance on these concepts without having fear of their money being stolen or the fact they are one of many “numbers” in the system. This, therefore, implies possible acceptance of AI managing people’s funds. Self-managing funds can fundamentally be likened to self-driving cars; regardless of the current amount of hesitancy and uncertainty towards both inventions, their presence is becoming an inevitable part of our everyday lives. Moreover, instead of suggesting an optimal route or evading traffic congestion, financial apps will, with the help of AI, assist numerous unique clients with pension planning, recommend solutions for debt management, and even advise on investment opportunities with minimal effort from the user.
All-in-one Finance Platforms Grow in Popularity
The contemporary FinTech space is divided into multiple platforms, each specializing in a particular financial task. To illustrate, there are businesses with their focus primarily being stock traders, peer-to-peer payments or even wallet apps convenient for effortless Starbucks purchases. However, this kind of environment lacks ideal user experience and is the reason why various financial entities are utilising additional functionality. The main objective being establishing an all-in-one platform for clients’ financial tasks, both from an individual and business prospective. From pension planning and short-to-medium term savings to credit and mortgage analytics, OutRank offers a holistic user journey, enabling clients to account for each characteristic of personal finances whilst making a financial decision.
Building Trust in the Digital Experience
Now, more than ever, individuals are seeking professional financial advice and digital channels play a pivotal role in facilitating efficient access. While advisory clients undeniably appreciate the input of their financial advisors, poor digital experiences can negatively affect their loyalty. Because of this, wealth management and financial firms are given a great opportunity to improve their products and discover new ways of using digital tools, enhanced data, and client insights to nourish relationships and strengthen their clients’ loyalty. At Kidbrooke, we enable our clients to build consistent, omnichannel experiences through our stateless cloud-based API, OutRank, supporting services such as goal-based investment guidance, pensions, mortgages, as well as financial planning.