How Amazon's Alexa will upend wealth management
Alexa, manage my practice. Advisors wondering how Amazon will enter wealth management should look to its cloud computing arm, Amazon Web Services, which is pitching the natural language processing, machine-learning brain behind its voice interactive service to wirehouses, broker-dealers and robo advisors...
In addition to client engagement, key wealth management applications for the technology include advisor enablement, investment ideation and risk management, says Will Trout, head of wealth management research at Celent.
"The service could be extended even to deliver advice," Trout says. "So it's like a chatbot, but relationship-centered, and not transactional, like most of the retail banking chatbots. Plus, it has very strong natural language processing and generation capabilities. Don't underestimate Amazon."
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