Bringing cognitive computing to wealth management

Milan Ganatra of EbixCash Financial Technology

Sep 6, 2016

Bringing cognitive computing to wealth management

Milan Ganatra of Miles Software Solutions discusses the relevance and benefits of embracing tools which essentially enable artificial intelligence to add value and scalability to the advice that wealth managers deliver to their clients.

The world of cognitive computing might not seem an obvious fit with wealth management, but Milan Ganatra, chief executive officer of Miles Software Solutions, believes it would add artificial intelligence that can benefit institutions, individual advisers and clients.

There are three specific situations where cognitive computing is relevant to wealth managers, he says. The first is in terms of bringing the right product to customers. Secondly, it can help an investment adviser determine which customer to contact – as well as when and how. And thirdly, it can ensure more effective customer communication.

“All this can deliver intelligence which, as a human, would be difficult to achieve because typically a cognitive engine would ingest large amount of data from various sources, plus also capture various actions and reactions of a customer as well as an adviser, to deliver an intelligent solution,” explains Ganatra.

As a result, wealth management firms can on the one hand potentially reduce their costs. On the other hand, an adviser can cater to more customers given the automated nature of the interactions.

Delivering solutions

As a complete wealth management platform, Ganatra says Miles is adding a cognitive layer to its adviser desktop as well as the customer-focused digital channel.

The aim is to deliver advice to a relationship manager so that he can react to situations and communicate effectively to clients. “This sits on top of our core wealth management engine, as well as interactively advising the client and suggesting various actions through the digital channel.”

For institutions which are clients of Miles, this gives them an additional intelligent layer on top of an already-robust engine.

“This takes our platform to a level which will allows our customers to do their business far more profitably, in a more scalable way, and allows them to be ahead of their competition,” he adds. “They are excited by this solution, and we believe, by early next year, we will have few customers going live.”

Milan Ganatra

Chief Executive Officer at EbixCash Financial Technology