Revolutionizing and Disrupting Wealth Management

Joe Bonanno, Global Head of Data Analytics and Innovation at Citi Wealth talks to Ben Mittelberger, Head of Financial Services at Palantir, discussing their partnership and how Palantir's technology is transforming wealth management at Citi. Citi brings its extensive global footprint, client base, and deep understanding of the wealth management landscape and Palantir's cutting edge technology provides expertise to drive innovation and transform existing processes allowing Citi to leapfrog competitors and revolutionize its wealth management offerings.

Key takeaways:

• AI's Role in Wealth Management: AI is not implemented across the board but rather integrated strategically into specific parts of the process where it can add the most value. This can range from 10% to 90% of the process depending on the specific task. AI is introduced incrementally, like a "dimmer switch," allowing for continuous monitoring, adjustments, and trust-building.
• Client and Advisor Experience: The work being done with Palantir aims to enhance client experience by providing faster onboarding, better access to information, and more self-service options. Streamlined processes and improved data access empower advisors to serve clients more effectively.
• Future Implications: Tokenization and Digital Assets
  Opportunities: Tokenization offers the potential for faster and more flexible delivery of services and products, including fractional ownership of assets and 24/7 trading. This aligns with the growing demand for self-service options.
  Challenges: The rapid adoption of digital assets requires careful consideration of security and risk management. Automated processes without proper safeguards can lead to faster error propagation.