Innovation Lab Focused on Disruption that Produces Positive Change
Disruptive innovation is a transformation of an expensive, complicated solution into something more affordable and accessible, allowing many more people to use the product or service. Not all innovations are disruptive, even if they are breakthrough solutions. True disruption will impact and change the way people operate, think, and make decisions. It goes beyond solution enhancements and upgrades. It requires vision, ambition, and understanding of what will ultimately positively impact people, the industry, and the community.
What Makes a Successful Disruption?
- Enabling Technology: An invention or innovation that makes a product more affordable and accessible to a wider population of advisers and the market.
- Innovative Business Model: A business model that targets non-consumers (new customers who previously did not buy products or services in a given market) or low-tier customers.
- Coherent Value Network: A network in which channel partners, distributors, and customers are each better off when the disruptive technology prospers.
The Innovation lab provides different solutions to impact reporting that range from data aggregation to enhanced data analytics. Utilizing more than XX years of experience, the Innovation Lab team members have the skill to disrupt the industry by building and utilizing technologies such as NLG, OCR, and artificial intelligence to solve inefficiencies, uncertainty, and market changes.
Such disruption will transcend into effective long-term investment planning, diversification, and setting up realistic expectations, fostering the growth of the investment industry and its community at large.
What are the Implications Disruptive AI Solutions will Have on Wealth Management Firms and Advisors?
AI is already changing the way that wealth managers strategize, prioritize, and communicate. Although some may view AI as a replacement for wealth management, it is truly meant to complement and support advisors to become better wealth stewards. AI technology is able to assist wealth managers in creating unique offerings for customers. For example, the AI and machine learning technology can use the information on the client as well as the data gathered to determine which products they should invest in, or where their money can best be spread. In the last couple of years, data generated on banks’ digital wealth platforms has grown enormously, at a rapid pace.
Data is a key component for wealth managers, and the volume is only going to increase. This poses additional challenges for Wealth Management firms as they attempt to create meaningful narratives for the insights generated. However, with the right set of tools, it can empower their decision-making and allow for better strategies and decisions. NLG technology offers a great opportunity to decipher and communicate the stories hidden in the data.
How to Identify a True Disruptor
Many technology companies claim to be disruptors without truly making a positive impact on the future of innovation. There are a few tell-tale signs of true disruptors and it starts with the culture and mission of the firm. Here are 3 ways to tell if a company is creating disruptive technology:
- Their culture and mission are in alignment with their goals to positively impact the industry and community. Disruptive firms care about more than the bottom line. They are passionate about creating growth opportunities and solutions that support the end client.
- Extensive knowledge and expertise in the industry they are disrupting in. Many start-up companies have big ideas without an understanding of how the industry has progressed.
- They stick to what they have perfected. Many firms try to overextend themselves, trying to create a one-stop-shop and all-in-one solutions. But the firms that are truly prepared to disrupt are the ones that understand what they do best and partner with other best-in-breed solution providers to deliver superior services and solutions.
Love, Give, Serve and Enjoy are the guiding principles that First Rate was built on. With more than 30 years in business, our mission is to create disruptive technology that makes waves for our clients, co-workers, and communities. Our founding principles are the reason we can be in business and be different. We strongly believe that education can bring about the change and the growth that the world needs. We want to not only change the way our industry thinks and moves today but also to impact tomorrow by instilling knowledge into our future thought leaders.