Re-imagined Wealth Management System (WMS):
1.Easy On-boarding & KYC :Provide good experience by using WhatsApp Video call.
In many big banks, which had acquired other financial entities, there are duplicate CIF in their database. Clean that & provide correct 360 view.
2. GAMIFICATION for RISK PROFILING: Don’t ask 30 boring questions? Use interactive 4D game based on say, MONOPOLY & do RISK Profiling/Portfolio Creation.
3. INTEGRATION with SOCIAL MEDIA :Stock price is a favorite topic during tea. Integrate with social platform ( can be closed group). My friends can share their views on a stock/Rank that stock. Gamify that.
4. Structure Product (SP): Automate your process & offer personalized SP. Don’t confuse him with jargons like knock in/knock out. Simplify investing for him.
5.OPEN BANKING :In case customer is having accounts in multiple banks, aggregate that data by OPEN banking API & provide full view to customer.
Offer Personalized products based on this data. Allow him to create rules for SIP. Allow SIP on all days.
6. Engage with Full Family: Today investing is a boring/complex topic. Provide incentive & change the saving/spending habits of family.
Bring Fun here. Happy family will take better investment decisions.
Raktim Singh is an AI and deep-tech strategist, TEDx speaker, and author focused on helping enterprises navigate the next era of intelligent systems. With experience spanning AI, fintech, quantum computing, and digital transformation, he simplifies complex technology for leaders and builds frameworks that drive responsible, scalable adoption.