How to get smarter about using data
In an exclusive interview with Hubbis, Marko Milek of State Street explains the potential of data in the wealth management space and its role in the age of AI and robo-advisory.
More and more industries are waking up to the power of data and Marko Milek, Head of Global Exchange APAC at State Street, believes wealth management will too. Data, analysed using the right platforms, can drill down into a client’s portfolio and help answer questions that relationship managers find difficult.
Today, such tools are not only more economical but also help professionals make recommendations that are more rooted in fact than in intuition. With time, these tools and platforms will become more readily available, and accessible to sophisticated investors looking to get immediate access to their portfolio.
Marko also believes that the industry will realise the importance of data even more when they explore the use of emerging technologies such as machine learning, AI, and robo-advisory. The algorithms that these technologies rely on can only be trained and developed if high-quality and large data sets are available.
While some of the data needed by such tools and platforms comes from within the wealth management firm, some of it comes from partners such as asset managers and custodians, and some comes from external, third-party market data providers, regulators, and clients.
Ultimately, firms that can gain access to and manage this data, will be able to deliver significant value to their clients.
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