119 FINANCIAL SERVICES enabling them to achieve their financial goals more effectively. In addition, AI and automation are making wealth management services more accessible to a broader audience. Traditionally, personalised financial advice was reserved for high-net-worth individuals due to the high costs associated with human advisors. However, AI-driven platforms can provide personalised advice at a fraction of the cost, making these services available to a wider range of clients. Self-service capabilities are another area where AI is making a significant impact. Clients can now access their financial information, perform transactions and receive advice through user-friendly digital platforms. This level of accessibility empowers clients to take control of their financial futures and make informed decisions without the need for constant advisor intervention. However, to see these benefits, firms must follow a careful, rigorous process when implementing AI and automation technologies. After the approval of the European Union’s AI act – which requires regular incident reporting and testing of ‘high-risk’ models – it is crucial for AI solutions to be provably safe and reliable. This level of precision can only be achieved by building on a foundation of accurate and wellstructured data. Companies should therefore start their AI journey by organising data across all of their operations, providing a reliable source of information for a generative AI tool to use. In doing so, they will be protecting their customers while also delivering vital work automation that will increase efficiency and streamline processes for employees. As AI continues to evolve, it will play an increasingly important role in helping wealth management firms deliver superior service and achieve better financial outcomes for their clients. Embracing AI and automation is not just a trend but a necessity for firms looking to stay competitive in the rapidly changing financial landscape. Yohan Lobo is industry solutions manager for financial services at M-Files AI tools are enabling wealth managers to enhance workflows and offer more timely advice to their clients
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