Redefining Wealth Management | Citi Wealth at AIPCon 7

Hey guys, uh good afternoon. Hard to top the  Shelby, but I'll do my best. Uh three things

before I get started. One, I joined City Wealth  about nine months ago. Uh two, I came here to

revolutionize and disrupt wealth management as  we know it. Um if you are one of my competitors,

you should fear us because I am about to crush  you. Full stop. Okay. So, first let me tell you a

little bit about City. Um in terms of the brand,  how long we've been around, it's been a couple

hundred years of this business. We are super  global. We're in over a 100 different countries.

We service some of the world's uh change makers.  I'll call them the billionaires of the world

that have families in different jurisdictions,  investments all over the place, and run businesses

and companies across the globe. We also have over  a million clients uh million-dollar households uh

all over the the world as well. Um we move money  around the planet,5 trillion dollars a day,

equal to sort of Germany's GDP. But the reality is  is it's super fragmented. our systems are archaic

uh slow and honestly this story is less about uh  sort of analytics and anomaly detection. It's more

about what I'll call intelligent automation  optimization and synchronization at scale.

U you're a client of ours DNA sits in like 55  to 100 different systems. So your first name,

your last name, your birthday, investment  objectives, risk tolerance, you name it,

is all fragmented. Uh and guess what? If you make  an address change, like literally log online, it

goes to a human who has to log into 55 systems to  update it. that's not going to work. Okay, but in

comes Palunteer and I only work with cutting edge  partners. Uh, and I'm as arrogant as, you know,

some of the Palunteer folks were day one. Uh,  to be honest with you, they said, "Listen, we're

going to tell you things that you don't want to  hear." Similar to what Alex said in the beginning,

and if you don't want to work with us, we're  not the right partner. I said, "Game on. Let's

go." Um, so anyway, let me get to to the reality  of what's going on here. So, less about slides,

more demo than anything else. Um, so effectively,  we're starting with all of our reference data. So,

think about client data, securities in our  world. So, think of Apple technology. Uh,

it's in this sector industry. We have real-time  prices, corporate action, stock splits, and all

that fun stuff. Uh, we're putting all that into  the DNA of Foundry and our ontology. Uh, what you

see in front of you is a bit of a cockpit. So, I  can see real time as customers open up accounts,

as new securities come in the market, uh, or, you  know, an event like a stock split is taking place.

Um, but really let me dig into sort of like all  the stuff that's happening. Uh, so what you see

here as well is a bit of like how many accounts  are getting opened on the fly, people making

deposited, deposits, moving money. At the lower  right hand corner, you see us bringing together

that client DNA in a single place. Um, my team  alone is probably in 14 countries. So even getting

them to sort of synchronize and sort of align  uh to do analytics and cool things like AI uh

it's a bit tough. Um, I'm going to click into  the experience now around opening an account.

What you'll see on the page is a bunch of things  happening. So, when you log into a system and you

sort of put in all of your information, uh, you  know, effectively what's happening is a bunch

of signals are taking place and we're automating  each and every process of the account opening life

cycle. Uh, but today that's manual humans going  in to system by system by system. I'll show you

a deeper example in a second. Um, imagine you're  that client and you come online. You upload your

passport. You fill out like the seven questions.  It comes to a person. Well, behind the scenes,

you know, a couple things. One, we have to  validate your address to make sure it's a legal

address. And in the US, we might have to send it  to a a database. Palunteer is actually shooting

and streaming events real time and then coming  back and saying, "Yes, it's also streaming events

to our KYC systems to make sure this isn't like a  terrorist known location or something or other."

It's also then invoking potentially a docu sign to  actually send out to the client systematically. So

when the client signals back, it comes back and  it's lifting the data off the passport and any

inund different countries all across the globe.  Uh so this sort of process would take like nine

days. Now it takes like seconds. So it's pretty  instantaneous and that's just one example. Um let

me show you a little bit more. Um I'm now going  to show you sort of the endto-end process going

across the top. What you'll see is a bunch of  activities. So you see one through eight and what

you see going down in the bottom is all these  sort of services that I just mentioned. Uh so

within each of the activities there could be over  a hundred processes across 19 different systems.

So the green checks means hey it's processing  real time and any anytime there's sort of an

issue maybe the passport didn't get read correctly  or maybe the person's waiting on you know clicking

on the docu sign we're sort of getting alerted and  and ultimately until when it's complete. What's

really cool here though is this is the first  time ever like anyone's even seen the endto-end

process. It took Palunteer to come in to actually  the two people that sit next to each other didn't

even realize like oh wow I didn't know that if you  put this extra data upstream or you had this drop

down it impacted me. So now we can see side by  side all of the processes and effectively we took

out you know nine days into minutes and you know  50 people sometimes into like one single person.

uh we've replaced pretty much all the makers. We  still have some checkers. Um but this automation

at scale uh we're looking at every single workflow  possible. Um and this allows us to build even new

sort of capabilities and new online services.  What you see here, we call it the GFCM. It's our

global federated client master. So think of that  as my DNA. All the things I just said, first name,

last name, birthday, investment objectives, risk  tolerance. We're deeply integrated into all of our

systems. Think of this like iCloud with your  iPhone. It's the easiest analogy, right? So,

you log in, you have your iPhone, uh you have  an iPad, you have a MacBook, you go on vacation,

and maybe you log into some third party, uh,  you know, iCloud. You make a one change. This

thing synchronizes it all. And guess what? Some  of these old school systems, it's like, hey,

this many characters, it only can handle blah blah  blah blah blah. Well, Palanteer orchestrates that

entire synchronization process, which is pretty  slick. Um so for us like you know having people

go through system by system is you know gone and  those days are over and as of you know Palunteer

synchronizing it is is the cool thing here. Um let  me show you a little bit more about how we bring

this data together in depth because it's pretty  complicated given that we're in 100 countries

and if you're that family that has global DNA  and your kids have an account with us in the

US and you have a family office in Singapore  um we're bringing it together. What's really

cool on the right hand side is the power that I  can now bring. So if you think about a financial

adviser who has a thousand clients, how do I know  that you have Facebook that's downgraded, Obama,

CD coming due, it's your birthday, and guess  what? You live in California, maybe there's a

wildfire going on. Well, I can actually stream all  these events and prioritize and rank every single

one and effectively to the financial adviser say,  "Here's who you should talk to and here's what you

should talk to them about today." And oh by the  way, we're invoking AI models to write messages

in elementary school, middle school, and high  school versions. And depending how you respond

in different languages, I can actually track  and trace. So when you watch Netflix and you

watch Rocky, it's 1980s Sylvester Stallone action,  it learns. And maybe it's Rocky 2 or maybe it's

Rambo, maybe not. But effectively, I know what to  serve you up less and what not to serve you. So

over on the right, you'll see a bunch of next best  actions for an individual client as an example.

Um these processes to be honest with you uh  have allowed us to dec decrease like speed

to market by at least 90%. When it comes to  sort of onboarding accounts, doing KYC checks,

uh bringing new securities into the marketplace.  Um it's reduced massive friction in the in the

system in the ecosystem there. Um I'm taking us  from defense and broken band-aids, bubble gum,

and duct tape to offense. And how do we use  this data to inform our advisers and make them

go faster? It's like Superman or Superwoman.  I'm just giving them a cape to actually know

what to talk to their clients about. Uh, so like  I said, and like Alex said, I came to dominate,

crush, and annihilate. So if you're JP Morgan,  Maril Lynch, Morgan Stanley, sorry. All's done.