Assets under Management (AUM) continue to grow rapidly, while Asset and Wealth Management firms face increased regulation and competition in a tougher business environment that is squeezing industry margins and making scale and operational efficiency of critical importance. To manage such rapid change and complexity, transformation to a digital-led business is essential.

The accelerated growth rate of Assets under Management (AUM) is causing Wealth and Investment Management firms to increase adoption of modern technologies such as advanced analytics, Artificial Intelligence, and Cloud platforms. Digital transformation is helping them redefine customer experiences using prediction, create faster and smoother onboarding processes and reduce operational costs by using intelligent operations automation, and increase AUM by providing actionable intelligence and insights through data experiments to advisors and portfolio managers.

The Journey:

With Haystream will help Wealth and Investment Management firms innovate on a number of fronts, ranging from customer experience, operational efficiency, and regulatory compliance by imagining and innovating emerging business models that apply modern technology platforms such as Cloud, AI, Machine Learning, Data Analytics, and Intelligent Robotics.

Haystream will help you create a strategy and develop solutions for

  • Digital Customer Experiences consistent with the expectations of a newer demographic as the transition of wealth to the millennials continues to gain momentum

  • Intelligent process automation using Artificial Intelligence and Machine Learning to eliminate manual, spreadsheet-driven operations, including data ingestion and extraction

  • Automate processes to reduce costs for regulatory compliance

  • Integration between market participants in the Retirements Sector to reduce friction, and develop efficient servicing models for Retirement Plan Administrators, Registered Investment Advisors (RIAs), Common Remitters, Payroll Vendors, and Plan Sponsors

  • Marketing and sales modernization using advanced and predictive analytics

The Strategy:

Haystream specializes in helping Wealth and Investment Management firms’ CIOs and COOs formulate a digital-everywhere-strategy by understanding, and answering questions including

  • How to communicate in a digital age, enhance customer experiences, implement newer AI experiments?

  • How ROI can be shown faster and which departments need immediate digital push?

  • How to innovate in the current era through platform modernization and reduces costs by implementing intelligent operations automation?

  • How to implement data strategy and develop meaningful analytics to drive business outcomes and cost-effective compliance?

  • How data strategy can transform end-user-servicing and marketing campaigns?

Wealth and Investment Management

Even before the pandemic, the Wealth Management sector was already facing major challenges due to Fintechs, new technologies, evolving customer expectations and relationships, and regulatory impacts, all of which negatively impact revenues, fees, and margins. In a difficult environment for making new investments, CIOs and COOs can accelerate digitalization by focusing on smart, high-ROI initiatives such as automation of back-end, spreadsheet-driven processes, while investing in analytics to accelerate digital relationships with customers that increase revenues and assets under management.

Asset Management firms have extensive opportunities to benefit from focused digital transformation programs that reduce costs by automating operations using AI, applying data management and advanced analytics, modernizing their infrastructure using cloud, and creating innovative new products that resonate with the newer client demographic.