Automation technology can sometimes threaten employees' jobs, which results in the pushback against its adoption. To eliminate hesitation, wealth management firms should involve employees during the implementation process and provide them with adequate training.
Fremont, CA: The wealth management sector is experiencing rapid change in customer needs, yet the adoption of digital technologies has been slow. A new generation of customers is joining the market, and their needs are being influenced by new technologies. With a more volatile and uncertain environment due to the Covid-19 pandemic, wealth managers need to offer faster, more convenient services with a digital experience.
Advanced Analytics, AI, and ML in wealth management
Improved customer relationship management: Customers now expect more personalized services, and according to the survey, 71% will share more personal information with their wealth managers. By reducing disconnects between their clients, wealth managers and advisors will be able to better understand them.
Intelligent automation in wealth management
Pushback from automation technology: Automation technology can sometimes threaten employees' jobs, which results in the pushback against its adoption. To eliminate hesitation, wealth management firms should involve employees during the implementation process and provide them with adequate training.
Mergers and Acquisitions (M&A) in wealth management are on the rise: Asset and wealth management deals are on the rise. During M&As, automated processes can drastically speed up the time-consuming process of migrating investor data. Predictive analytics and intelligent automation can improve efficiency and accuracy in wealth management compliance.
Cloud computing in wealth management
Increasing flexibility and scalability: Cloud applications allow for increased flexibility and scalability based on the size and number of assets.
With tailored subscription options offered by cloud applications, wealth management firms can choose the best SaaS (Software-as-a-Service) for their business needs. It is also possible for companies to save money by using cloud storage systems instead of investing heavily in data storage hardware.
Wealth managers benefit from greater security provided by cloud-based storage platforms.
The future of wealth management with blockchain
The wealth management sector may benefit from blockchain technology in a number of ways, including increased transparency, enhanced security, and lower costs.
Secure and unaltered data: Wealth management firms can store unaltered copies of reference data on blockchain systems. A company can also separate its internal blockchain system from its external blockchain system in order to maintain confidentiality. Blockchain systems can also reduce security threats since unauthorized users cannot access them.
