Business Insider Intelligence
It was built by Schwab's internal Digital Services organization, which develops innovative tools for the client journey. Last year, Schwabfellow broker TD Ameritrade for $26 billion, bringing its total client assets to more than $5 trillion at the time. The cross-channel analytics tool will provide a more seamless client experience and drive Schwab's operational efficiencies. The algorithm processes billions of pieces of client data, and is able to discern what clients want or are trying to do in real time, which allows the broker to offer more personalized services much faster.
For example, the algorithm can directly connect a call-in client to the relevant representative based on what they have recently been researching on Schwab's platforms, avoiding drawn out waiting times or being frustratingly shuffled around multiple departments to find the right customer rep.
As incumbent brokers like Schwab increasingly use their wealth of data to gain customer insights, smaller players will also need to acquire data analytics tools or risk falling behind.
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