connected strategy for asian wealth management ^Top 29 Morgan Stanley rolled out their AI-based recommendation engine Next Best Action in 2018. The platform drives personalized client engagement with clients and AI- based recommendations for financial advisors to discuss with clients. Figure 10: Leading wealth managers are investing in Connected Curation engines Recommendation engine / app “Ant Fortune” “DBS’ Intelligent Banking” “Next Best Action” “UBS Advice” Description Computational tools available to users of Ant Fortune, the wealth platform of Ant Financial, as the number of individual inves- tors in non-money market funds grew due to AI Leverages pre- dictive analytics, customer-centric design to trans- form data into personalized, intuitive – and un- intrusive – insights that simplify the way customers manage their wealth Next Best Action (NBA), is a platform for personalized client engagement and an AI-based recommendation engine for investment ideas that advisors can present to their clients It analyzes and provides insights on investments, even those outside UBS. It blends UBS’ investment philosophy and views with Intelligent technol- ogy—customized to preferences Selected results q 80 fund firms with virtual stores; ~5,000 funds for 600 million end users q Outcome: #1 in sales of non money market mutual funds in Q 2021 (~$140bn) q Outcome: 70 percent growth in number of users q ‘Advice’: 13 million insights generated per month q Adoption: 30 million insights delivered to clients q Outcome: 3X increase in invest- ment transactions q Outcome: Revenues from these capabilities have more than doubled q Adoption: System used 11 million times in first two months of pandemic q Efficiency: From 45 minutes to generate a personalized investment idea for clients to instant q Outcome: 5-6X increase in outbound calls per day q Not disclosed Source: Authors' analysis