Enterprise Analytics – A new suite of dashboards

The human mind has never known any legitimate boundaries, and it still hasn’t seen an element more significant than our desire to grow on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Morningstar, a leading provider of independent investment insights, has officially launched a new suite of dashboards called Enterprise Analytics, which is designed to stir up business intelligence based on activities recorded in the company’s Advisor Workstation. According to certain reports, the stated suite comes decked up with three separate dashboards i.e. Compliance, Insights, and Performance. Although quite unique in its own right, each dashboard is meant to identify valuable data intel, such as the percentage of proposals that may pose regulatory risks, month-over-month trends in proposal volume, or the breakdown of most frequently proposed asset classes. Talk about these dashboards on a more individual level, the compliance dashboard will be given the responsibility to flag proposals that aren’t in line with what is mandated by regulations like, for the sake of example, the Securities and Exchange Commission Marketing Rule or the Department of Labor Rollover Rule. Furthermore, the compliance teams choosing to leverage this dashboard can also customize parameters to ensure the dashboard is simultaneously complimenting their own compliance commitments. Next up, we have the insights dashboard, which like the name suggests, is expected to conceive one outright holistic view of a firm’s investment recommendations, including the types of investments commonly researched and proposed, proposal generation numbers, and their geo-footprint. Armed with such extensive information, companies should gain a much better idea regarding how a firm’s client relationships and investment recommendations are evolving. Lastly, there is the Performance Dashboard, a facet well-equipped to offer benchmarking metrics that show firms how their advisors perform against the industry or their peer groups, therefore proving to be of enormous help when it comes to identifying on the user’s behalf all the potential strengths and areas for opportunity.

The development follows up on Morningstar’s Voice of the Advisor survey where more than 600 financial advisors and wealth managers across the United States were roped in to reveal trends in their product and service offerings, how they allocate their times, and where they are looking for help.

“The Voice of the Advisor survey shows that advisors are spending more time creating personalized proposals that recommend a wider range of asset classes. As advisors work to meet evolving investor needs, home offices at advisor firms are eager to understand the impact to their business,” said Vimal Vel, head of enterprise software at Morningstar. “For our clients, Enterprise Analytics tells the story of how a firm’s advisors are adapting their investment recommendations using a powerful set of dashboards and aggregated business metrics.”

Apart from that, Morningstar is also solidifying its pledge to build a bigger AI presence across the investment landscape. As a result, the company is now making the platform that powers Mo, Morningstar’s in-house AI chatbot launched back in May 2023, available through a new service, the Intelligence Engine API. In case you are wondering what the stated API does, it helps financial services firms access the setup to build their own generative AI solutions, solutions that are more complimentary of their needs. In this context, though, the API will bank upon Morningstar’s independent data, research, and editorial content to produce relevant insights. Further empowering companies to integrate their own proprietary research, the collaboration will ensure the responses generated from the service reflect every user’s brand, perspective, and product offerings. Not just that, the users benefitting from this partnership can also use it to navigate through potential AI risks.

“Mo has answered tens of thousands of investment research questions in a few short months, demonstrating the impact generative AI can have on this space,” said Lee Davidson, chief analytics officer at Morningstar. “Resources are tight, and firms are looking for ways to streamline processes with AI. The Intelligence Engine API enables teams to redefine workflows, shifting analyst focus away from recurring tasks and toward higher value activities.”