In recent years, there has been a lot of talk about the potential of the Internet of Things (IoT) to revolutionize how we live. From microwaves that scan food packaging and follow cooking instructions, lights that switch on and off as we enter and leave rooms, to fridges that automatically order items as we run out, the vision is that connected devices will share information to make our lives easier.
Some of this potential has already become reality. Many of us wear a smartwatch or have a smart speaker and, as a result, have a clearer sense of how a network of interrelated devices might change how we interact with appliances and physical objects. While it may be more difficult to envisage IoT having a transformative impact on a service industry like wealth management, there is in fact immense potential. The ability to collect and transfer data between sensors, wearables, and other devices and applications offers wide-ranging opportunities to help wealth managers and advisers deliver a more personalized, suitable, and affordable service.
Crucially, IoT can help to optimize the service experience and outcomes for clients. Through geolocation, they can be referred to a local adviser, with calendars aligned and optimized to ensure the best use of time for all participants. Pulling data on all the client’s financial affairs by utilizing Open Finance will help the adviser ensure the client has enough money for day-to-day bills and expenses, accessible savings, separate savings for specific events, and long-term investments. The adviser can also automate switching between pots as cash flow changes to maximize returns and make the best use of tax allowances.
Continue reading: https://www.finextra.com/blogposting/20924/will-internet-of-things-transform-the-wealth-management-customer-experience
Some of this potential has already become reality. Many of us wear a smartwatch or have a smart speaker and, as a result, have a clearer sense of how a network of interrelated devices might change how we interact with appliances and physical objects. While it may be more difficult to envisage IoT having a transformative impact on a service industry like wealth management, there is in fact immense potential. The ability to collect and transfer data between sensors, wearables, and other devices and applications offers wide-ranging opportunities to help wealth managers and advisers deliver a more personalized, suitable, and affordable service.
Crucially, IoT can help to optimize the service experience and outcomes for clients. Through geolocation, they can be referred to a local adviser, with calendars aligned and optimized to ensure the best use of time for all participants. Pulling data on all the client’s financial affairs by utilizing Open Finance will help the adviser ensure the client has enough money for day-to-day bills and expenses, accessible savings, separate savings for specific events, and long-term investments. The adviser can also automate switching between pots as cash flow changes to maximize returns and make the best use of tax allowances.
Continue reading: https://www.finextra.com/blogposting/20924/will-internet-of-things-transform-the-wealth-management-customer-experience
