Artificial intelligence tool ChatGPT has gained a lot of publicity around the world and has since become the fastest growing consumer app, with 100 million unique users only two months after launch.
Giving us a window on what an AI future may look like, it is one of a plethora of AI and machine learning (ML) technology tools transforming every industry.
Amid the GCC's massive wealth transfer to millennials, a new generation of tech-savvy investors want wealth managers to harness cutting-edge technology to optimise their investments.
Fifty-three per cent of GCC wealth management clients have emphasised the importance of being tech-savvy, according to a Marmore Mena Intelligence 2022 report.
It is no wonder that wealth managers are looking to AI and ML to maximise returns for the region’s investors — using it to enhance accuracy, supercharge analysis and generate powerful insights.
With the help of state-of-the-art technology, wealth managers can streamline operations, provide personalised and efficient services and offer clients new and innovative products.
Improving investment decision making
AI can crunch enormous amounts of both structured and unstructured data in real-time, making it possible to rapidly identify investment trends, patterns, threats and opportunities.
This accelerated and wide-ranging analysis of data enables wealth managers to make better-informed decisions, respond to changes in the market and rapidly innovate to bring about new products that maximise returns.
Enhanced personalisation
Wealth managers can use AI to analyse client financial data and develop bespoke investment strategies.
They can better understand the specific financial needs and goals of their clients and provide services tailored to their individual circumstances.
Predictive analytics will be increasingly used to guide customers towards investments based on their risk appetite, coupled with automated goals-based planning and advice.
Real-time customer service
Wealth managers can use AI tools such as virtual assistants and chatbots to respond to client inquiries, freeing up managers to focus on more complex tasks. An example is the use of AI-driven chatbots on Facebook Messenger.
Such automation is helping to improve the customer experience and to provide clients with live and accurate information whenever and wherever they need it.
Accelerated ESG investing
Forty-one per cent of GCC investors wished to adopt environmental, social and governance factors in investment, according to a 2021 Marmore Mena Intelligence report.
Given the complicated interplay of factors in establishing stocks’ ESG credentials and the vast amount of unstructured data used in ESG analysis, AI can play a critical role in synthesising this complex information and identifying the best ESG investments.
More efficient tax planning
Tax is a complex and critical domain for investors and with the introduction of more levies in the GCC region, AI will be a game changer.
From automated filings that identify tax-sensitive transactions or recommend tax-efficient investments, there is high potential for AI-powered planning.
Increased efficiency and streamlined operations
Wealth managers are using AI to automate manual processes such as data entry, portfolio management and client communication.
This automation is reducing the time and resource they spend on these tasks, freeing their time to focus on their clients and strategic thinking.
Speedier client onboarding
When taking on clients, wealth managers must meet stringent regulatory requirements designed to identify fraud and money laundering.
This process can be complex and lengthy. However, AI can automate these time-consuming and labour-intensive tasks while accurately qualifying clients.
The technology can screen client background information and build detailed profiles by classifying them by relevance and risk level.
This speeds up the onboarding process, providing a better and faster experience for investors.
Robust cyber security protection
With growing amounts of data stored on cloud servers, protecting the privacy of clients’ confidential information and financial data is increasingly critical.
AI software provides sophisticated, up-to-date monitoring capabilities that can flag issues, detect anomalies, eliminate fraud and protect client records.
A brave new world
We are moving rapidly towards an AI-powered world. The emergence of transformative, generative AI is set to revolutionise the wealth management industry.
Investors that work together with wealth managers stand to reap the rewards of human ingenuity coupled with the step change in efficiency that AI can bring.
They will benefit from streamlined services, increased cyber security, better informed investment opportunities and the potential for attractive returns.
However, a word of warning. Not all AI and wealth technology products live up to their promise.
The recent issues with cryptocurrencies show the importance of seeking expert advice.
Suitably qualified wealth management companies and banks use thoroughly researched and tested AI technology.
The data produced is evaluated by expert wealth managers, who know how to harness AI-powered insights for optimum results.
Francois Farajallah is head of Middle East at EFG International
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
UAE currency: the story behind the money in your pockets
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
