Big Data in Wealth Management: The Search for Customer Insight

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22 May 2013


Many wealth management firms are using Big Data to gain new insights into their customers and prospects, discover investment opportunities, assist with risk/compliance, and provide competitive differentiation.

Big Data tools and technologies can help wealth management firms analyze the massive amounts of data they process, consume, and produce on a daily basis. In the report Big Data in Wealth Management: The Search for Customer Insight, Celent discusses some of the technologies and strategies available to help firms gain new insights by aggregating and analyzing data from internal and external sources.

Discovering, developing, and testing new, actionable ideas and strategies will help uncover investment opportunities that can improve investment returns and manage risk, which will attract new investments.

“Combining analytics and aggregated data will help wealth managers improve customer and advisor retention, discover investment opportunities, and monitor operational and reputational risks,” says Bill Fearnley, Jr., Senior Analyst with Celent’s Securities & Investments Group and author of the report. “Celent recommends firms and providers choose specific projects and begin to explore the power of new analytics and visualization tools.”

This report will help banks and wealth managers evaluate and prioritize Big Data opportunities in their firms’ front office and middle/back office operations. Some of the topics covered in the report include: uses of Big Data in wealth management, the three key steps and types of data available, and uses of Big Data and analytics in the front office and middle/back office.

This 20-page report contains one figure and eight tables.