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Looking at a New AI Tool for Financial Services – Insights for Wealth Advisors, Managers and Retail Bankers

Today, customers’ banking habits and expectations are changing as consumer technologies simplify and personalize how people save and invest their money. Financial services reps need more advanced, intelligent recommendations powered by AI to meet growing expectations for speed and personalization.

Salesforce announced a complete AI-augmented platform built specifically for financial institutions, offering wealth managers and bankers AI-powered insights and recommendations that will help grow their book of business and deepen client relationships.

Einstein Analytics for Financial Services is a customizable analytics solution that provides AI-augmented business intelligence for wealth advisors, retail bankers and managers. Bankers and wealth managers are dealing with a rapidly changing industry landscape as new fintech entrants and consumer technologies are simplifying and personalizing how people save and invest their money. Customers now expect all of their financial interactions to be digital, but not all banks can deliver modern experiences that are smart, personalized and fast. While banks understand the importance of building best-in-class customer relationships, they often struggle to manually stitch together and correlate all of their customer data from various systems to deliver them at scale. Bankers and wealth managers need to be empowered with immediate, intelligent recommendations powered by AI to meet customers’ growing expectations for speed and personalization

Introducing Einstein Analytics for Financial Service

Built with financial services professionals such as retail bankers and wealth managers, Einstein Analytics for Financial Services will enable users to get AI-powered insights and recommendations specifically tailored to their role. By integrating directly with Financial Services Cloud and other data sources, users can take immediate action to grow their books of business
and deepen client relationships by surfacing actionable insights. Einstein

Analytics for Financial Services includes:

  • Actionable insights powered by AI: Financial services professionals now have intelligence built directly into business processes, allowing users to get predictive guidance and recommended actions the moment they need it. For example, financial advisors can now receive updates on which clients are most likely to increase their assets under management or churn, helping them focus their energies on client retention and growth in the smartest way.
  • Built-in industry best practices: Einstein Analytics for Financial Services comes with pre-built industry-specific dashboards, such as client financial goals and interactions, referrals, deposits and fees, giving users the tools they need to begin using analytics immediately. Front-line wealth advisors and retail bankers are no longer forced to rely on IT departments or data scientists for daily insights and decision guidance. For example, a wealth advisor can get a full view and analysis of her entire client list, identify the clients who aren’t meeting their financial goals and then create a task to reach out to them directly from the analytics dashboard.
  • Customizable platform to analyze external data: Now, with a complete and customizable platform and connectors to external data sources, users are able to get a full view of their book of business to better understand their customers’ financial goals and needs. And, because it comes with the full power of the Einstein Analytics, users can quickly and easily build custom analytic apps to solve their business problems. For example, users can bring in external data on loan payments and credit card balances, as well as customer satisfaction to provide proactive and personalized advice and services.
  • Built-in compliance with industry regulations: Built directly on the Salesforce platform, Einstein Analytics for Financial Services ensures that all data is hosted in a trusted, secure and compliant cloud-based platform. This includes all of the security, privacy, auditing and reporting tools consistently configured and leveraged to meet compliance requirements.

Elements Financial, a credit union specializing in the financial wellness of its members, utilizes Einstein Analytics to better understand members’ financial goals and interactions. By embedding Einstein Analytics on account home pages, tellers and management teams quickly have insights into members and money flow, allowing customized offerings and stronger
relationships.

Contributed by Daniel D. Gutierrez, Managing Editor and Resident Data Scientist for insideBIGDATA. In addition to being a tech journalist, Daniel also is a consultant in data scientist, author, educator and sits on a number of advisory boards for various start-up companies. 

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