Bringing you live news and features since 2006 

CogniCor launches three new AI-powered digital assistants for wealth management firms and financial advisers

RELATED TOPICS​

CogniCor, a provider of artificial intelligence-powered digital assistants for the wealth management industry, has launched three new digital assistant modules to help wealth management firms support their employees and advisors with scalable solutions to their most labour-intensive and time-consuming operational issues and raise the efficiency and productivity of firms’ internal support functions.

The digital assistants are built on CogniCor’s CIRA platform, a proprietary system that leverages machine-learning algorithms to understand the intent behind user queries and return accurate, appropriate responses or courses of action that directly address users’ needs. At the heart of CogniCor’s approach is the use of knowledge graphs – conceptual maps that group together firm- and industry-specific terminology to give algorithms the much-needed knowledge base and context to accomplish their tasks.

CogniCor Founder and CEO Sindhu Joseph, says: “In wealth management, as in other highly regulated industries, the completion of many everyday tasks can entail a series of steps, any of which can derail the entire process if done incorrectly. Consequently, firms devote excessive resources to user-support infrastructure, such as support desks and call centres, which in turn can lead to operational inefficiencies, lost revenue and stymied growth. CogniCor’s solutions take much of the burden of user support off firms’ shoulders and enables them to focus the core missions of their businesses.”

The three newly launched digital assistants are:

The Forms Assistant: Up to 30 per cent of wealth management service centre call volume consists of requests from advisors and clients for help identifying and completing the right forms to achieve a desired objective. The Forms Assistant interprets the user’s intent and finds the forms they need, then pre-fills certain fields and guides the user through completion of the rest.

The Navigation Assistant: The second-highest driver of service centre call volume is advisors or clients having trouble navigating between and finding the right menu within their wealth management firm’s online platforms.  Users simply ask the Navigation Assistant for what they need, and the assistant responds with step-by-step navigation instructions in even complex use cases.

The Smart Call-Routing Assistant: Users seeking support often struggle to navigate the automated interactive voice response systems many financial services firms use to route queries to the right support personnel. The Smart Call-Routing Assistant understands the context and intent of a query, then matches the user to the appropriate expert.

Deploying CogniCor’s digital assistants can decrease the frequency of calls from employees and advisors to live call-centre staff without affecting the critical mid- and back-office functions they need to drive business. CogniCor’s customers have reduced support calls by 25 per cent and achieved more than 80 per cent first-call resolution with its suite of digital assistants. CogniCor’s digital assistants do not eliminate the need for user-support staff, but instead allow the team to focus time and resources on complex requests, enhancing overall service to all users.

Joseph says: “The complexity of the online workflows financial services firms use to perform core business tasks can force advisors and employees to spend around 40 per cent of their time executing routine, manual tasks, time that should be devoted to serving clients and performing other value-generative activities. Our solutions put time back into advisors’ and employee’s workdays, while eliminating errors, mitigating costs and providing enhanced experiences for wealth management employees, advisors and their clients.”

Latest News

Amundi’s ETF Market Flows Analysis for May finds that global ETF inflows were EUR105.1 billion with US-domiciled equity funds accounting..
MerQube has announced the appointment of Dave Mueller as Chief Financial Officer. Mueller brings 17 years experience operating in corporate..
Northern Trust Asset Management (NTAM), has announced that David Abner is joining as Head of Global ETFs and Funds...
Nvidia’s market cap surge to more than USD3 trillion making it the second most valuable company in the world almost..

Related Articles

CN Tower, Toronto
The winners were announced in the second ETF Express Canadian awards at the event held at The Quay in Toronto,...
Darren Johnson, Komainu
Custody specialist, Komainu, was launched in 2018 as a joint venture between Nomura, digital-asset investment manager, CoinShares and blockchain business,...
Stuart Chaussee
In January this year, global data and business intelligence platform, Statista reported that there are now more than 8000 ETFs...
Ethereum coin
Last week saw Australia launch spot bitcoin ETFs, with Matteo Greco, Research Analyst at Fineqia International, writing that Monochrome Asset...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by