The world of finance, and more specifically the field of private banking, is undergoing radical changes thanks to the emergence of new technologies. Several major innovations, including the cloud, Artificial Intelligence (AI) and blockchain are significantly impacting the way financial services are provided, and they are also changing the relations between clients and wealth managers. 

While the banking sector has always been inclined to invest massively in new technologies, it is evident that in recent years the deployment of these new technologies has been gathering pace, and their impact has reached unprecedented levels. The Artificial Intelligence revolution and the advent of ChatGPT in the public sphere have only just begun. It took OpenAI's conversational robot just two months to crash through the 100 million user mark, bowling over all the industry experts. 

AI is transforming the business of private wealth managers
Artificial Intelligence will revamp how wealth managers interact with their clients and make financial decisions. Thanks to its ability to analyse and process data, AI offers a host of advantages:

AI will help wealth managers review vast quantities of data in real time. Using sophisticated algorithms, it can provide customised recommendations based on each client's profile, objectives and tolerance for risk. This enhanced customisation will enable us to better meet the specific needs of each individual.

Robot-advisers using AI have struggled to make inroads into private banking; however, the technological advances are undeniable. Online platforms allow investors to benefit from automated management of their portfolios. Thanks to AI, robot-advisers can monitor markets, adjust portfolios, and carry out transactions in real time, offering a more affordable and accessible alternative to traditional wealth management services.

Blockchain technology will also be expected to have a significant impact on private banking, particularly in terms of the increased security and transparency of financial transactions.