The Virtual Agent: Natural Language Processing in Wealth Management

by Kelley Byrnes, March 8, 2017
Industry Trends
Global

Abstract

This report discusses natural language processing applications in wealth management, focusing on how cognitive agents and chatbots are deployed today to improve customer experience and reduce customer support response time.

Celent has released a new report titled The Virtual Agent: Natural Language Processing in Wealth Management. The report was written by Kelley Byrnes, an Analyst with Celent's Wealth Management practice.

This report discusses natural language processing (NLP) applications in wealth management, focusing on how cognitive agents and chatbots are deployed today to improve customer experience and reduce customer support response time.

NLP can be used in the wealth management for: onboarding and gathering KYC information, garnering sentiment analysis for stock selection, creating a knowledge base for advisors, providing customer support, acting as a financial virtual assistant, and identifying a client. The virtual agent should have a process ontology that builds best practices, speak multiple languages, be able to detect formality, and perceive when they are not resolving an issue. Before forcing NLP technology immediately into a new enterprise, it is beneficial to create a center of excellence outside the business.

“When deciding on initial use cases to test NLP technology, it is advisable to begin with internal-facing applications. Companies should experiment on employees, rather than immediately test the new technology on external clients,” Byrnes commented.

“In the next 12 months, it is likely we will see many of the largest consumer banks that already have a virtual assistant rolling out new use cases for their virtual assistants both within their consumer banking and wealth management arms,” she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Natural Language Processing

2

 

Natural Language Understanding

2

 

NLP Across Industries

3

 

Companies with NLP Technology

3

Natural Language Processing in Wealth Management

4

 

Brand and Sentiment Analysis

4

 

Classification

4

 

Anti-Money Laundering / Know Your Customer

4

 

Interactive Voice Response

4

Technology Vendors Using NLP to Serve the Wealth Management Industry

6

Use Case: IPSoft’s Cognitive Agent, Amelia

8

 

SEB Deployment

8

 

Amelia’s Dexterity

9

Use Case: Personetics’ Engagement with BRD, a Subsidiary of Group Société Générale

10

 

Personetics Overview

10

 

Engagement with BRD

10

Attributes of a Competitive NLP Solution

12

Best Practices for Using NLP

13

 

Center of Excellence / Exploratory Sandbox

13

 

Internal Applications

13

 

Routine Onboaridng

13

 

Communicate Benefits

13

Looking Forward

15

Leveraging Celent’s Expertise

16

 

Support for Financial Institutions

16

 

Support for Vendors

17

Related Celent Research

15

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