Over the past several years, tech startups have emerged and disrupted all areas of the Financial Services industry. Wealth Management is no exception. A recent study by Roubini ThoughtLab in partnership with Cisco and 16 prestigious firms gave us deep insights into this disruption.
The study highlights that Wealth Management firms must adjust to new business models and business disruptors by:
• Transforming how customers connect with advisors. The study found this can only be accomplished by re-engineering front, middle, and back offices to put customers at the very center of a digital strategy.
• Personalizing the experience. Firms must invest in a digital strategy to provide personalized, tailored advice to investors.
• Anytime, Anywhere. Today’s investors consume data and make decisions on-the-go. Firms looking to disrupt are providing access to various investment opportunities and investment strategies at any time, any place, on any device and across any channel.
Wealth Management firms have been monitoring these trends for a while, but thus far few have enhanced their digital experiences. The Wealth 2021 study revealed that less than half of investment firms feel prepared to ensure cyber security.
Despite this, providers have big plans to grow the use of technology.
They expect to grow the use of
• Telepresence and Collaboration by 68%,
• Web analytics and Sentiment Analysis by 77%,
• Artificial Intelligence by 128%.
Firms that do not adapt will be at a significant disadvantage. Those firms that learn to use new technologies to transform customer experiences may soon be able to surpass the competition and create their own market disruption.
On January 31, 2016, at 12pm EST Roubini ThoughtLab joins Cisco to discuss the elements of Digital Transformation in depth. We’ll look at key drivers of change, and how the local economy may shift with government transitions. Join us for this thought provoking and informative webinar!