Copy of Smart Speakers, Smarter Wealth Management - How voice technology is changing wealth management
We estimate that by 2022, there will be more than 70 million households using smart speakers in the US alone, and these devices are already playing an important role for wealth management clients.
This report identifies the banks and wealth managers who are leading the industry in adopting voice interfaces for their client servicesand explores the drivers for future growth and forecasts the use of smart speakers for financial matters.The report also details the best strategy for integrating smart voice into the digital wealth management ecosystem both generally and by specific function:authentication, personal financial management, portfolio management, investing, information, contact and advanced AI capabilities.
The report is based on an in-depth evaluation of the current offerings of leading banks and wealth managers worldwide, interviews with technology experts and industry leaders in the field of smart speakers and voice-powered banking and the results of a global panel survey addressing among other the smart-speaker usage and preferences of 1,000 affluent and high-net-worth individuals.
By providing valuable insight into the following questions, this report is the resource to understand how to engage wealthy clients through smart speakers:
What are the drivers for use of smart speakers in the broader consumer market and for financial matters in particular?
What are the dominant technology platforms in this space and which vendors will play a role in the futureof smart voice technology?
What share of affluent/HNW investors currently use smart speakers /intelligent personal assistants regularly for financial matters? How will the usage grow through 2020?
Which are the key areas of voice-powered wealth management for wealth managers to focus on and how can they expand their scope in these areas?
Which leading financial institutions already offer voice-based interfacesand what do these look like?
How does existing state-of-the-art voice banking work?
Which are the potential use cases of voice-based interfaces for wealth management?
What is the right strategy for voice-powered wealth management by offered function?
What must an ideal smart speaker app for wealth management offer?
In addition to these points, this report also includes detailed analysis, data-driven insights and recommendations for the development of voice-powered wealth management offerings including:
Overview of state-of the-art voice technology and voice banking
Segmentation analysis of the use smart speakers for financial matters
Estimated share of affluent/HNW clients using smart speakers for financial matters 2017-2020
Insights into the front-runners from the banking/wealth management space
Cases and examples of leading financial institution and FinTechs offering their clients voice-based information and transaction services via Alexa and other technology platforms
A list of 15 banks/wealth managers with voice-based interfaces and descriptions of the main functions offered
Overview of 5 banks with state-of-the art voice banking and analysis of their voice-based client facing features. Description of potential use cases for wealth management.
Actionable strategy for voice-based apps.
Detailed example of an ideal smart speaker app for wealth management
The report includes 15 graphs and charts, and it comes with a key insights deck containing an easy-to-understand six-slide presentation that summarizes key findings for quick sharing.