Over the last decade, growth in wealth management has been driven by strong market returns. However, these are changing times, and multiple new factors have come into play as we enter a new decade. The era of customer experience is upon us. A quality product alone does not make the cut. It needs to be followed up with even better service. The customer is king, and customer satisfaction is most important. The rising expectations of the customers make it even more challenging for wealth management firms. To succeed in these turbulent times, organizations must pay attention to customer demographics and expectations. However, these are not the only changes being faced on the wealth management front. The wave of digitalization has progressed rapidly across all sectors, and the banking industry is no different. Various new technologies are now leading the way for digital transformation in the industry. With customer satisfaction becoming the topmost priority, it is only sensible to adopt intelligent solutions to achieve these goals. Analyzing customer sentiments can help companies deliver targeted, customer-centric experiences for every individual. Technologies like Machine Learning (MI) and Artificial Intelligence (AI) can play a significant role in enhancing the customer advisor relationship. Organizations must not shy away from embracing open APIs to scale technology capability with newcomers' support in the market and third-party vendors. As regulations continue to become more stringent each day, organizations must prepare to ramp up cybersecurity and automate cumbersome client onboarding process in a data-driven environment.In this edition of Banking CIO Outlook, we have shortlisted some of the most promising companies in the sector to help you navigate the rapidly transforming landscape of wealth management. We hope this will help you make informed decisions for all your wealth management needs. Do let us know your thoughts.Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com JULY - 01 - 2020, Volume 06 - 05 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Annie Mathewsannie.mathews@bankingciooutlook.comVisualizerRonald DonovanIssac GeorgeManaging EditorJames RobertsonWealth Management in a Digitally-Enabled, Data-Driven WorldJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJustin SmithJoseph MichaelEditorialKenneth ThomasRussell ThomasPaul Barber*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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