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Client satisfaction and regulatory compliance are paramount in the wealth management industry. Yet, at times, your ability to streamline the client onboarding process and improve back-office operations leaves new clients wondering if they came to the right place. You’re not alone.
Many wealth management firms face the same challenges – onboarding clients seamlessly, while ensuring all necessary documentation and compliance requirements are met. Traditional customer relationship management (CRM) platforms, while widely used, often fall short when it comes to robust workflow automation capabilities.
Discover the benefits of CRM integration with intelligent process automation to enhance client experience and simplify compliance. If you’re searching for more comprehensive solutions to improve your operational excellence strategy, read on…
Despite the high market penetration of CRM software in the industry, wealth management firms struggle to leverage these platforms as the central operational hub for onboarding new clients and other critical processes.
Stand-alone CRMs typically lack the advanced process automation functionalities required to customize electronic forms for different jurisdictions, account types, and approval stages. Plus, many CRMs don’t fully comply with recordkeeping regulations (e.g., SEC Rule 17a-4), offer comprehensive reporting and analytics features, or provide the flexibility needed to reconfigure or rebuild complex business workflows. These limitations can leave you grappling with information silos, manual data entry errors, data security concerns, and inefficiencies across different areas of your business.
Forward-thinking firms are turning to CRM integrations with intelligent process automation platforms to revolutionize their operations. By implementing content-centric workflow automation, firms can streamline the client onboarding process, simplify compliance procedures, and break down information silos that create bottlenecks in your productivity. These enterprise content management (ECM) solutions offer robust workflow customization options, advanced ability to leverage data reporting and analytics capabilities, and secure data storage, empowering firms to modernize their digital ecosystem and enhance client experience.
Stonehage Fleming strategically migrated a substantial portion of their workflows, including the client onboarding process, from Microsoft Dynamics CRM to Laserfiche’s enterprise content management solution. This transition not only resulted in significant cost savings of $55,000 annually, but also unlocked over 35,000 hours of time savings per year.
By leveraging Laserfiche’s advanced workflow automation and integration tools, Stonehage Fleming was able to standardize a group function across multiple jurisdictions and departments, mitigating compliance risks and enhancing operational efficiency.
Gert Bester, IT Business Systems Manager at Stonehage Fleming, highlights the transformative impact of automation on client services: “Instead of getting more resources to do the work and expanding, [our middle office] looked at the processes to automate a lot of steps to be more supportive of the front office team. And in return, the front office team can actually support the clients better.”
Learn about CRM integration with intelligent process automation platform and more wealth management best practices to improve operational efficiency, streamline your client onboarding process, and simplify compliance.
Download free Whitepaper: How to Revolutionize Client Onboarding in Wealth Management.
By Joman Kwong, Strategic Solutions Manager at Laserfiche
With various regulations in place that stipulate how and when financial institutions collect, keep and dispose of customer data, back-office employees are often left to manually manage large volumes of records. Complex and tedious tasks of this nature can bog down staff and take away time that should be dedicated to more valuable activities. Fortunately, leading records management solutions can address regulatory requirements while also supporting streamlined experiences for both staff and customers.
Every customer account includes large amounts of sensitive data and information. Many financial institutions struggle to manage costs and regulations while maintaining that level of data accessibility and security. But when it comes to record handling, any breakdown within these categories could be costly in both the monetary and reputational sense.
Data shows that financial institutions experience the second-highest average cost per data breach. The average $5.97 million loss would be detrimental to any business, and for organizations in the financial sector — which are built on the foundation of customer trust — the added reputational damage would be even more devastating. Record disorganization and misuse can lead to fines as well as put institutions at operational and regulatory risk when the next audit comes around.
Additionally, not only will dispersed information frustrate employees who are tasked with locating records, it will also have an adverse effect on the customer experience, where confidence and trust are paramount. With advanced and easy-to-use records management solutions available, there’s no reason to risk penalties or overburden your employees with scattered records and stacks of paper.
An excellent records management solution is a key part of this modernization journey. Content services technology is highly beneficial, streamlining operations across business units and simplifying larger strategies.
Here are six key advantages of converting paper or digitized records to an improved centralized information and records management platform:
Investing in centralized content services technologies should improve experiences for both employees and customers while boosting the bottom line. A single source of truth eliminates pesky guesswork and makes it easier for back-office employees, legal personnel, and customer service representatives to leverage information across business systems.
Digitized records have, for the most part, replaced paper documentation. However, the old disorganization habits have transferred to the digital realm. Luckily, records management technology is a breeze to set up, use and maintain, empowering financial institutions to focus on what matters most: customers. For more information about records management and to see it in action, check out the webinar “Streamlining Records Management for Banks and Credit Unions with Laserfiche” and more curated resources on our financial solutions page.
In today’s financial landscape, lending processing stands as a cornerstone for institutions, providing not only substantial revenue streams but also diversifying product offerings to meet a myriad of customer needs. Total U.S. household debt reached $17.05 trillion in 2023, with mortgage balances standing at $12.25 trillion, making it one of the largest asset classes in the United States. However, the traditional paper-based approach to lending poses significant challenges, leading to inefficiencies, errors, and compliance risks. As financial institutions navigate this terrain, leveraging lending automation emerges as a game-changer, offering streamlined processes, improved productivity, and enhanced revenue generation opportunities.
Insights from a survey by Laserfiche and Credit Union Times revealed the urgency of embracing automation. Over half (52%) of banking respondents prioritize driving new sources of revenue through digital transformation in document and information management today, while 48% focus on creating a digital-first member experience. However, challenges persist, with 62% of respondents facing manual tasks, reviews, and approvals, and 60% grappling with manual and inconsistent data processing. Furthermore, 56% have yet to commence automating tedious tasks and busywork, indicating the pressing need for automation in document and information management.
A pivotal aspect of lending automation is the establishment of a single source of truth, a centralized repository that captures data from various business systems through intelligent data capture tools. By automating data validation and navigation, institutions can minimize manual errors and ensure data consistency, mitigating risks and optimize fraud detection associated with scattered documents. This consolidation enhances operational efficiency while bolstering data security, which is crucial in an era of heightened cybersecurity threats. For instance, Bath Building Society exemplifies this approach by adopting comprehensive data management solutions, enabling seamless integration across disparate systems. Such consolidation empowers employees to access accurate data swiftly, facilitating smoother lending operations and bolstering compliance efforts.
Leveraging content-centric process automation tools marks another pivotal step in lending automation. When financial institutions use electronic forms to both run the lending application process and capture customer information, all of that data can be automatically and securely transferred to core banking and loan original systems. This reduces the amount of time it takes to initiate lending procedures. Automated review and approval processes within content services platforms further expedite operations, fostering team collaboration and reducing processing bottlenecks. For example, integrating electronic signature platforms streamlines loan package generation, expedites approval processes and enhances customer experience. This approach minimizes manual interventions, reduces turnaround times, and fosters greater customer engagement, nurturing long-term relationships and loyalty.
The benefits of lending automation extend beyond operational excellence to revenue generation and regulatory compliance. Improved data accessibility, facilitated by seamless system connectivity, expands institutions’ capacity to process more applications swiftly. By cutting operational costs and enhancing productivity, institutions can allocate resources more strategically, further fueling revenue growth.
Lending automation emerges as a transformative force in the financial landscape, offering institutions the means to drive revenue, improve productivity, and enhance customer experiences. By embracing automation technologies, institutions can confidently navigate the complexities of lending processing to capitalize on emerging opportunities and deliver unparalleled value to customers in an increasingly digital world.
Explore additional resources from the Laserfiche banking solutions page: https://www.laserfiche.com/solutions/financial-services/banks-and-credit-unions/
The company’s award falls under the ‘Change Management Process/Best Implementation of a Technology Solution’ category, which recognises Laserfiche’s contribution to the digital overhaul of operations within wealth management firms.
SITUATION
• 19 offices spread across 14 geographies
• Needed a workflow engine to power automated processes for the company’s divisions that have diverse requirements and regulatory needs
RESULTS
• Saved time and money streamlining approval processes while freeing up resources to provide better client service
• Created better consistency, efficiency and collaboration by standardizing core processes
• Saved over $150,000 and 100,000 hours to date
Entrusted with the management, fiduciary oversight and administration of in excess of $170 billion of assets under administration, and $25 billion under management, Stonehage Fleming is serious about accuracy, security and service.
The firm has 19 offices spread across 14 geographies, and prides itself on all operations being in precise alignment with clients’ financial goals. This requires highly coordinated systems and teams — whether they are client-facing, in the middle office or back-office.
To achieve this level of efficiency, the Stonehage Fleming IT department is constantly optimizing business processes to ensure they stay ahead of staff, advisor and client needs. A big part of this optimization has been the adoption of Laserfiche as a process orchestration engine and backend information hub.
“We have over 800 staff who start Laserfiche Forms processes across three divisions of the company,” said Gert Bester, IT business systems manager at Stonehage Fleming. “These range from client onboarding to risk and compliance, to appointments and resignations. Everything we can think of — whether it involves integration, or it is a simple or complex solution — Laserfiche can do it.”
Prior to using Laserfiche to automate workflows, the IT team built many of its processes in Microsoft Dynamics Business Central but found it difficult to customize and maintain.
“Laserfiche is very user-friendly and easy to navigate, plus it gives us so many options when it comes to process design,” said David Knight, IT project manager and business analyst at Stonehage Fleming. “With Laserfiche, we simplified our forms templates as well, so we went from around 70 different templates down to three. That makes any changes and testing that needs to be done a lot simpler and faster.”
This discovery prompted the organization to move all automated workflows — which encompassed about 200 projects — to Laserfiche. While Stonehage Fleming’s Family Office and Investment Management divisions rely on Laserfiche for core processes, today, the company’s Group Services division is the heaviest Laserfiche user, as it supports all other parts of the company through core processes including:
With too many workflows to list, plus over 100 projects currently in production, Stonehage Fleming has been able to streamline operations that have direct impact on the bottom line, as well as the company’s ability to provide high quality client service.
To further cut down manual data entry, Knight, Bester and the IT team have built API integrations between Laserfiche and Microsoft Dynamics 365 Business Central, DocuSign, RiskScreen, Twilio, multiple third-party databases and the company’s website and proprietary data warehouse. The connections enable the automation of the creation of certain data, and eliminate the need for manual verification and other mundane, repetitive tasks.
Today, the team estimates that Laserfiche has saved over $150,000 and tens of thousands of hours, while they continue to collect data on efficiency gains in other areas.
“We are also replacing some built-in processes, which were slow and heavy to maintain, with modern, fully integrated and user-friendly Laserfiche Forms, improving back office and front office efficiency,” said Bester.
Stonehage Fleming’s most successful Laserfiche digital transformation project to date has been the Business Development process, which involves the onboarding of clients or potentials client to any particular product offering.
Onboarding is triggered by a client relationship manager and involves a number of automated tasks that are now managed by Laserfiche workflow, such as the creation of a bank account with Stonehage Fleming’s own treasury or an outside entity. Also required are a multitude of approvals, streamlined with Laserfiche as well. “The gains for us are in the templates that sit within the workflows,” Knight said. “Laserfiche pushes all data into those templates and it’s ready to be signed off very quickly.”
“We have increased consistency, efficiency and collaboration by standardizing the main Business Development process across 11 offices,” Bester explained. “The result has been more visible and transparent results on Stonehage Fleming’s expected revenue stream.”
“We’ve seen over 8,000 of these processes run within the first few years of using the solution, and the amount is increasing year on year,” Knight added. Additionally, Annual Financial Statement Reviews and the Economic Substance process require complicated and lengthy approvals which were previously executed via email. These emails were manual reminders to staff to review sets of financial data and get back to an accountant within a certain amount of time.
“They were taking a lot of manual effort — from the emails to the signing and uploading of documents,” Knight said. “Today, there’s none of that. The whole process is truly automated; there’s no need to chase colleagues anymore, no lost emails or mixed-up versions. Even the storage process is automated.”
“Once all parties review the information, Laserfiche generates the resolution statements or minutes, which are uploaded with the workflow to DocuSign,” Bester said. “Then all documents are saved back into Laserfiche. Maintaining the custodian data (in Business Central) is done via APIs, so none of our users have to manually re-enter that information back into any system.”
In addition to Laserfiche’s integration and workflow capabilities, Stonehage Fleming has benefited from the security tools that support the company’s strict information governance practices. “Due to regulatory requirements, client information in certain regions can only be viewed by specific offices — everything must be put in blocks or silos,” Bester said. “Oftentimes, compliance will need to see a user or investigate who has accessed that information, so Laserfiche Audit Trail has been quite handy. We have also built our own GDPR system module with Laserfiche workflow.”
Today, the team continues to optimize existing processes and develop new solutions to meet the needs of the business and its clients.
“We have an ever-growing list of business requirements coming in, for which we have also built an innovative solution with Laserfiche Forms that is used to gather requirements,” Bester said. “We have also accelerated the adoption of Laserfiche across the company by improving the workflows running in the background, while also making the business more independent by developing forms to manage metadata without any input from IT.”
Ultimately, the IT team aligns its work with Laserfiche with Stonehage Fleming’s values, which are focused on excellence, integrity and embracing the behaviors that make families harmonious and successful.
“Laserfiche enables us to provide better service,” Bester said. “When clients request information, we make it easier for our staff to retrieve that information. Instead of requiring the company to acquire more resources to do the work, we’re looking at ways to do more automation, so that the middle office can provide more support to the front-office team. In turn, our front office can better support our clients.”
Nearly 40% of large insurers struggle with disconnected applications and information silos, according to a recent Laserfiche survey. Even with digital solutions in place, insurers face challenges with accessing information across systems, manual data migration, limited searchability, frequent app-switching to gather accurate policyholder details, and delayed, uninformed decision-making throughout business processes.
Join us to discover how to create a secure, single source of truth and connect it with your core insurance systems through integrations.
In this 60-minute session, we will cover:
SITUATION
• A strategic review of IT architecture identified a gap in Bath Building Society’s enterprise workflow capability
• Needed to streamline operations, including mortgage applications and payments
RESULTS
• Used Laserfiche Cloud to create dynamic digital forms that cut down time and effort for customers and intermediary mortgage brokers
• Enhanced data quality and decision-making for the Society’s employees
• Improved service quality
• 30% more efficient mortgage process for applicants, brokers and the Society
Bath Building Society’s purpose is to help its members achieve their financial goals of buying a home and saving for the future. That motivation also drives the constant improvement of the customer experience, as members are at the heart of every initiative.
Today, the Society is using digitisation and automation to deliver faster services for members more efficiently. Laserfiche has been an important tool for the organisation, and now acts as both a centralised information hub and workflow engine that accelerates how work gets done while simplifying and standardising processes, without adding additional compliance burden. Instead, Laserfiche has allowed the Society to automate much of the manual tasks, reclaiming time for employees to focus on
service and growth.
“We must comply with the same regulations as larger lenders with compliance teams way bigger than our whole Society head count,” said Steve Burnard, chief transformation officer at Bath Building Society. “We have to have compliance by design. This approach enables us to save time because the systems and processes we now use will automatically ensure compliance.”
Bath Building Society had already been using Laserfiche as a data repository for over 10 years when in 2022, the organisation performed a strategic review of its entire IT architecture. The assessment revealed a gap in the Society’s enterprise workflow capability, which led the Society on a search for a system that could create scalability through automation. At the same time, the Society needed to simplify compliance with regulatory requirements with tools such as audit trails and records retention schedules.
The procurement process led the Society to Laserfiche Cloud, in part due to a strong existing relationship with MBS — the leading Laserfiche solution provider in Europe with expertise in the financial services industry — in addition to the robust workflow automation and compliance capabilities of the Laserfiche platform.
“In a highly regulated market, we particularly appreciated the ‘compliance by design’ aspect — that we would be able to build in data retention policies and automate those processes around information management,” said Burnard. “That was a huge benefit. It meant that we didn’t need to then spend time resource on retrospectively applying those rule sets.”
One of the most significant areas in which Bath Building Society implemented Laserfiche is mortgage processing. The organisation replaced a paper and PDF-driven decision in principle (DIP) application process with a dynamic Laserfiche form and automated workflow that captures the necessary information digitally, and automatically routes it to the relevant sales team members to make a decision.
The legacy process involved a 100-question paper form — common in the industry — that was not only unwieldy to the applicant but also to the Society staff. Using Laserfiche, the team transformed the application into a dynamic, digital questioning tool which only asked the applicant relevant questions based on the details that the applicant provided.
“It saves the end customer time, while improving the quality of the responses, because they’re spending more time on the questions that are relevant,” Burnard said. “It also then gives us the information to power better decision and data points which then leads to better decision-making.”
The business has subsequently rolled this tool out into the full mortgage application journey. Now with Laserfiche, instead of having to complete the same 100 questions again, plus filling in the additional information needed for this section of the process, applicants can take what they have previously done and apply it to the new form.
The process has enormous time saving benefits for Bath Building Society’s employees and their brokers. Previously dependent on email, the legacy process required employees to manually name folders and files, while now that’s all done for them, along with the application of retention dates for simplified compliance. This has enabled applicants to complete the process more accurately in 30% less time, helping them secure the mortgage they desire more rapidly and with less effort.
“Certainly, in the mortgage space, speed is really important,” Burnard said. “Improving that speed gives a compact customer experience, and then for the end customer — the person who borrows the money — we’re making it quicker for them at the very start of the process. They’ll be happier with quicker turnaround times, quicker responses.
“It enhances the experience for the customer, and it makes it easier to do business; that’s ultimately a barrier in our industry,” Burnard added. “We hope start to chip away at that by having a more intuitive, digital form.”
On the savings side of the business, Bath Building Society has plans to use Laserfiche’s workflow capability to shift tasks around the individual teams while keeping request forms and necessary evidence all in one place. External payments once required a time-intensive and manually driven approval process, which resulted in additional manual effort and delays, which could be frustrating for both applicants and the Society’s staff.
Using the same Laserfiche functionality in dynamic forms and workflows, the Society built a standardised questionnaire that enables employees to simply check the boxes that need to be checked and attach evidence to the form which is automatically routed to the group of employees with the relevant mandate.
Employees across the Society were sending around 200 emails per day on this one process alone. With Laserfiche, they have reduced that to just a handful of emails to the relevant people.
“It’s a huge culture shift with clear accountability,” Burnard said. “It reduces the time it takes because all the information is in one place, and it reduces complexity because it’s only going to the team that needs to take action. We have an audit trail — it’s faster, simpler and more compliant.”
Bath Building Society has expanded its use of Laserfiche to other areas of the business, including human resources for new employee onboarding, but the demand for Laserfiche solution is growing across the organisation.
On the horizon, Burnard hopes to build an even more comprehensive mortgage process, enabling applicants to go from the online mortgage affordability calculator straight into an application without having to re-enter the information they have submitted for the calculator.
“We’re not looking to reduce headcount and replace people with optimised forms,” Burnard explained. “What we are looking to do is create and improve scalability. The old approach was calculating how many mortgages could be processed by one person. We’re looking at the system to do that scalability for us and improve our operational capacity through the use of these forms.”
Meanwhile, innovative technologies create more sustainability for the business as well, with younger employees expecting a streamlined, modern experience. “Old systems are unintegrated, visually unappealing,” Burnard said. “Laserfiche Cloud is a much more visually appeasing system to use. It’s much more intuitive, and it’s what colleagues expect to see when it comes to workplace technology.
“At an industry level, simplification is really important,” Burnard added. “As a building society, we operate in a highly competitive, service-focused market, so anything that makes it easier for customers and brokers to secure a mortgage rapidly and efficiently is critical for us to compete and grow. We don’t employ software developers in-house and probably never will, so being able to leverage technology with our partners like MBS is fundamental to survival.”
The financial sector is in the midst of sweeping transformation. A growing number of financial institutions recognize the importance of enhancing digital capabilities to drive growth and gain competitive advantages in a rapidly evolving market. By digitizing manual processes and centralizing records, these organizations can improve the customer experience, retain existing customers while attracting new ones, as well as drive productivity, optimize operations and save costs.
However, many financial institutions, regardless of size, often encounter limited IT resources. For instance, credit unions only employ, on average, 16.7 employees. Such small workforces are unlikely to have the IT resources necessary for developing and maintaining customized digital solutions. To harness the benefits of digital transformation without cost or resource overruns, these institutions can leverage low-code-no-code technology.
Organizations that are perennially strong performers provide personalized, accessible digital services, such as omnichannel banking, claims processing, loan applications and new client onboarding. The same firms also digitize internal processes like back-office support operations, run more smoothly. These types of improvements help institutions meet customer demands for tailored convenience and speed while maintaining compliance with ever-changing regulations.
Digitization, however, doesn’t just happen with the click of a mouse. Deploying new technologies and solutions or making changes to existing digital processes requires an effective IT strategy and roadmap, as well as capital and manpower. Institutions must be thoughtful about digital transformation initiatives to maintain an edge even against competition with deeper pockets.
Plenty of financial firms have dove into the world of low-code solutions to get the most out of their often-limited resources. They are adopting digital tools that don’t require sophisticated technical knowledge, such as low-code biometric authentication, low-code and no-code AI-driven process automation and pre-built back-office and member-facing solutions.
Despite the variety of available no-code and low-code tools, financial firms should still perform their due diligence before selecting a technology partner. Decision makers may want to consider the following capabilities:
Regardless of the selected feature set, it may be helpful for firms to maximize out-of-the-box features, including pre-built solutions before customizing anything and provide regular trainings to jumpstart and maintain digitization.
The right low- or no-code solution offers numerous benefits to financial services organizations. Institutions with limited IT resources can leverage these tools to meet customer demand and rapidly changing challenges. Financial firms can also use these platforms to create internal processes that meet employees’ expectations and demand for a stronger user experience, all without adding untenable costs to their IT spend.
It’s a challenging environment for financial firms, but those that find a home for cutting-edge low- or no-code solutions can deploy automated solutions quickly, speed adoption of digital tools, and achieve the ROI needed to compete.
Laserfiche provides ample resources to assist you in discovering the right low-code-no-code process automation platform and learning how to maximize its potential.
Check out our latest financial services webinar: Automate or Die – The New Reality for Wealth Management Businesses to explore how a low-code approach can accelerate digital transformation in the financial services sector and enhance client experiences.
How can Laserfiche help financial institutions achieve operational excellence with low-code-no-code process automation? Check out our financial services solution page for more information!
WealthBriefing has experience reporting on the wealth management industry for nearly 20 years. It leverages this pedigree yearly, hosting awards programs across geographies, such as it has done with the 2024 WealthBriefing European Awards. This program, specific to the European region, evaluates individual experts, products and services on their capability to exhibit top class performance and innovation.
Laserfiche recently won an award as part of this program, for Change Management Process/Best Implementation of a Technology Solution. We had the pleasure of interviewing Russell Boland, Director of EMEA Sales at Laserfiche, to give his insights on what made Laserfiche a winning solution this year.
What was the winning formula for Laserfiche at the WealthBriefing European Awards this year?
Laserfiche listens carefully to customers and understands their specific needs, to see how we can deliver more tangible value. For example:
Laserfiche is adding to the value of wealth management customers through keeping client data in good order, raising staff productivity, accelerating client service and addressing ever-rising compliance requirements effectively and affordably.
What is Laserfiche doing to continue serving the needs of the wealth management industry?
Wealth management firms are reporting pressure from clients to reduce fees and deliver faster services. Meanwhile, it is more challenging than ever to attract and retain the specialist staff needed for this sophisticated and highly regulated industry. According to Laserfiche research, 70% of British Gen Z have left, or would consider leaving, their company due to outdated technology.
Laserfiche provides easy-to-use tools that empower organisations to modernise processes, and continues to innovate by incorporating technologies including artificial intelligence. This enables wealth managers to automate and optimise operations, aiding training, reducing key person risk and simplifying compliance. Digitalised processes boost productivity, raise staff satisfaction, and improve collaboration, in turn increasing revenue capacity, freeing up staff time to focus on client engagement.
What challenges are organizations in wealth management experiencing today, and how can they use Laserfiche to over come these challenges?
The volume of data firms create and manage continues to grow by around 20% per year. Additionally, regulators are imposing strict disciplinary sanctions for organisations that fail to follow regulations. More frequent and detailed audits add to rising compliance-related costs.
Laserfiche supports customers through these challenges by providing a single source of truth for data, and a process automation hub that integrates seamlessly with other core technology systems. Laserfiche provides a new level of visibility into operations, by tracking user actions on records with audit trails, and standardizing processes to optimise staff experience, address regulatory requirements, and strengthen information governance.
How do you see the wealth management industry and Laserfiche’s role in it evolving over the next five years?
Leading wealth managers are investing heavily in technology to enable them to grow revenues without requiring similar staff cost growth.
Growth often leads to more need for end-to-end automated processes while firms simultaneously navigate an increasingly complex compliance landscape. Today, it’s imperative for organisations to build strong technology infrastructures in partnership with trusted vendors such as Laserfiche and solution providers that specialise in wealth management, including MBS, the 2024 Laserfiche International Partner of the Year.
Additionally, the generative AI hype will continue. At Laserfiche, we believe AI will empower individuals to transform their work, take control of processes, and supercharge productivity. There is great promise for AI solutions in wealth management, in areas such as compliance, fraud prevention and client service.
But to achieve enterprise-wide transformation, organisations need to deploy AI at scale, which involves sophisticated data management frameworks and efficiently deploying AI across platforms. In the next five years, the focus will be on supporting customers in genuinely valuable AI deployments, utilising these technologies responsibly via risk-and-benefits frameworks.
To learn more about Laserfiche solutions for the wealth management industry, visit https://www.laserfiche.com/solutions/financial-services/wealth-management/
