The wealth management (WM) landscape is in the midst of significant transformation accelerated by digital strategies. A challenging investment environment, characterized by increased levels of uncertainty and rising risks, is making it harder for financial advisors to generate superior investment reports for their clients. This is driving WM firms to shift from a product-oriented mindset and place higher priority on customer service and client experience. Accompanying this shift are technologies like robotic process automation (RPA), AI, big data, and predictive analytics.
RPA and AI are providing better accuracy and productivity at lower costs. While with RPA, repetitive wealth management tasks can be automated, advances in AI is opening modernized channels for financial advising and changing the way people handle their finances. Furthermore, the recent introduction of robo-advice platforms, and the use of big data and analytics promise further transformation. Robo-advisors, which are automated, algorithm-driven digital platforms, will provide investment management solutions that will require little to no human intervention. Big data’s key ability to bring together large amounts of information can be used for numerous purposes, such as allowing WM staff to significantly cut down on the time taken to gather and manage data. Another great benefit provided by big data is the ability to analyze different trends relating to the investment patterns of different clients. This opens up greater possibilities for analyzing the investment behavior of each client too, and accordingly provide them with custom solutions.
That being said, third-party vendors are also currently playing a significant role in the WM industry. Gone are the days when WM firms insisted on developing the entire system and running all operational processes under one roof. To keep up with the rapid evolution of today’s investment landscape, asset management firms are looking to outsource the more challenging, time-consuming, and technologically-inclined areas of their operations. This is where third-party vendors are coming into the picture.
As firms revamp their business models and technology stacks, success will largely depend on making quick adjustments for emerging market trends, and most importantly, meeting customer demands. With a comprehensive view of the WM technology’s wide applications, this edition of Banking CIO Outlook brings you the leading-edge wealth management solution providers. A distinguished panel comprising of eminent CEOs, CIOs, VCs, and analysts, along with Banking CIO Outlook’s editorial board have assessed several WM technology solution providers and shortlisted the ones that are prominent in the field. The companies listed here showcase extensive business knowledge and exhibit competence in delivering innovative solutions that meet the needs of the customers.
We present to you Banking CIO Outlook’s “Top 10 Wealth Management Solution Providers in Europe 2019.”