The integration of Generative AI (GenAI) and low-code/no-code (LCNC) platforms have the potential to alter the client onboarding processes. This fusion can enhance efficiency and ultimately, ideally, improve the client-advisor experience, making it a welcomed addition to the onboarding process.
The application of GenAI within wealth management has been studied by Celent. Recent examples include:
GenAI Around the World in Wealth Management | Celent
Field Guide to GenAI Hyperscalers: Wealth Management Edition | Celent
GenAI in 2026: Where do Wealth Managers Expect the Greatest Impact? | Celent
Separately, LCNC are development approaches that enable users to create applications and software solutions with minimal or no programming knowledge. These platforms provide visual development environments, allowing users to design applications through graphical user interfaces (GUIs) rather than traditional coding. Projected growth of the LCNC market is positive, with an industry estimate of approximately 70% of new business applications being created using low-code or no-code platforms. LCNC platforms have democratized software development. With the addition of GenAI, new development practices will emerge.
Low-code platforms are expected to evolve further, becoming more intelligent, adaptable, and seamlessly integrated into the software development lifecycle. There will be a shift towards platforms that leverage Generative AI to understand user intent, automate routine tasks, and generate complex code snippets. This combination will empower developers by automating mundane tasks, allowing them to concentrate on high-level logic and creativity. GenAI serves as a multiplier, accelerating and optimizing development operations. Additionally, AI-powered assistants, such as copilots and code generators, will enhance efficiency by simplifying the coding process. While LCNC platforms have already transformed application development, these AI tools will provide an extra layer of effectiveness. The integration of AI, GenAI, and ML into the development process is pivotal, particularly as “the future of AI is “agentic”” – meaning that agents can act, creating an opportunity to reimagine and optimize workflows. We’ve seen conceptual deployment of GenAI agents in portfolio construction, as an example (Harnessing the Power of GenAI: Accelerating Portfolio Construction | Celent).
LCNC platforms have begun incorporating GenAI into their services; GenAI, copilots, and code generators are not intended to replace LCNC platforms or traditional coding practices. Rather, they are designed to complement and enhance these approaches. While this may provide short-term advantages, it could pose a significant threat in the long run.
For the purpose of this blog, I will write about the potential effect of combining the two technologies within the WM client onboarding process.
Streamlining Onboarding Processes
Traditionally, client onboarding in wealth management has been a cumbersome and largely manual process, involving extensive paperwork, multiple touchpoints, and lengthy approval times. However, LCNC platforms allow firms to automate and streamline these processes. These platforms enable financial institutions to create custom applications without the need for extensive coding knowledge, allowing for rapid development and deployment.
Celent explored the topic of onboarding in-depth in its recent research, such as: Digitizing for Impact: Putting the Wealth Management Client at the Center of Client Onboarding | Celent
LCNC tools can help wealth managers design intuitive onboarding workflows that guide clients through the necessary steps, from document submission to compliance checks. This not only reduces the time taken to onboard new clients but also minimizes the risk of errors that can occur in manual processes. As a result, clients, in theory, experience a smoother transition into the wealth management ecosystem.
Enhancing Personalization with Generative AI
GenAI plays a pivotal role in enhancing the personalization of client onboarding experiences. By analyzing vast amounts of data, GenAI can generate insights that help wealth managers understand their clients' unique needs and preferences.
Improving Compliance and Risk Management
The blending of GenAI and LCNC solutions significantly enhances compliance and risk management during the onboarding process. GenAI can automate the analysis of client data against regulatory requirements, flagging any discrepancies or potential risks in real-time. This proactive approach helps firms mitigate compliance risks and avoid costly penalties.
Moreover, LCNC platforms can be designed to incorporate compliance checks seamlessly into the onboarding workflow. By embedding regulatory requirements into the application, firms can ensure that all necessary documentation is collected and verified before a client is fully onboarded.
Facilitating Continuous Improvement
The integration of GenAI and LCNC solutions also fosters a culture of continuous improvement within wealth management firms. By utilizing data analytics and feedback mechanisms, firms can monitor the effectiveness of their onboarding processes and make data-driven adjustments as needed. For example, if clients frequently encounter challenges at a specific stage of the onboarding process, firms can quickly identify and address these pain points.
Additionally, the flexibility of LCNC platforms allow firms to iterate on their onboarding applications quickly. As client expectations evolve and new regulatory requirements emerge, wealth management firms can adapt their processes without the need for extensive IT resources. This agility is essential in a competitive market.
