The digital revolution has affected almost every industry, and the wealth management industry is no different. Standing at a conjuncture while being torn between old and new, aged and young, and physical and digital, wealth management industry cannot afford to be the same. With changing time, the industry that includes not only wealth managers and private financial firms but also banks has to change its business model to fulfill expectations of new age customers. To target the millennials, wealth management firms require advanced technology because as per SEI Investments Company report, 40 percent of young generation would take no interest in their financial services if their technological requirements have not been fulfilled.Besides, along with the ultra-high net worth, today's clients are also expecting vastly improved digital access to their financial information. They want the ease of access to their wealth information as well as transparency. However, several wealth management firms fail to do so. According to a Capgemini research report, a number of wealth management firms are still not able to fulfill the digital demands of their clients, with 54.6 percent of them not fully satisfied with their firms' digital capabilities. One of the ways forward to enhance the client experience and to keep pace with the changing time is product innovation. Wealth management firms can also leverage disruptive technologies, like robotic process automation (RPA) and AI, to improve the client satisfaction level. These are the technologies that have the potential to help wealth management firms in the long run, thereby helping them gain greater stability while building trust with the clients.Our goal with this special edition is to highlight the best-of-breed wealth management solution providers that leverage innovative technologies to drive customer success. This edition also blends thought leadership from subject matter experts with real stories on what selected vendors are doing for their clients, including exclusive insights from CIOs and CXOs.Write us your thoughts.Copyright © 2019 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 JUNE - 10 - 2019, Volume 05 - 04 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Nick Masonnick.mason@bankingciooutlook.comVisualizerJohn GothamIssac GeorgeManaging EditorJames RobertsonWealth Management Industry: Meeting New Age RequirementsJames RobertsonManaging Editor editor@bankingciooutlook.comAnkith SinghCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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