Report: The future of digital wealth management
The wealth management industry is facing a period of unprecedented change. Economic turmoil, regulatory variation, customer experience demands, and digital transformation are all shaking the foundations of how firms operate.
Wealth managers stand on the edge of a fundamental change in the way they do business.
High-net-worth individuals (HNWIs) are getting younger by the year, and as their median age dips, their expectations rise.
New customers demand better personalisation. They need niche portfolios tailored to their interests and ways to invest sustainably.
While the wealth manager has perhaps broken free from their once stuffy image, challenges remain when trying to move technologically.
As firms begin to prioritise interaction with customers and better managed experiences, their legacy software remains a challenge.
Wholesale replacement has extraordinary risk in both costs and time, though it may remain a strategic target for many years.
A new FinTech Futures report answers crucial questions on what major hurdles the wealth management industry faces in 2020 and beyond, and which technological innovations will help them tackle them and succeed in doing so.
It explores the role that data analytics, automation and artificial intelligence, and even open banking can play in aiding wealth managers better serve their customers.
Featuring input from experts at major financial institutions Caixa Bank and Saxo Bank, the paper outlines what changes and strategies can be implemented right now to ensure that wealth management firms thrive in interesting times.