Digitisation: Wealth Tech on the Rise
The financial services industry is at a pivotal point in time. What was once built on face-to-face meetings, extensive paperwork, and manual processes is now being rapidly reshaped by digitisation. Consumers expect seamless digital experiences in every aspect of their lives—banking, shopping, healthcare, and now, wealth management. This shift is redefining customer expectations, rendering traditional performance metrics obsolete, and fundamentally altering what drives profitability.
The shift in demand toward digitised banking did not happen overnight, nor was it caused by a single event. However, the COVID-19 pandemic of 2020 has acted as a major catalyst and has reshaped the way people engage with financial services. Consumers, particularly younger generations, now expect seamless digital experiences, everything from managing their portfolios to interacting with advisers can and should happen online. In many cases, this digital shift is not just a preference but a demand. As a result, firms that fail to provide these experiences risk alienating a growing segment of customers.
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Digitisation: Wealth Tech on the Rise
While retail banking has already embraced this digitised experience, wealth management have been slower to adapt due to the sector’s traditionally relationship-driven nature. However, firms that fail to embrace digital tools risk falling behind as customer expectations evolve.
The growing focus on digitisation is allowing banks and wealth managers to address key pain points while unlocking new value – by delivering seamless, scalable, and improved customer experiences.
Our research shows that wealth firms typically use robo-advice, hybrid models, or full-service advisory. Common features include smart portfolios, analytics, risk profiling, and client lifecycle management. However, firms differentiate beyond these foundational elements in the following ways:
Pricing strategies
Technology & AI Integration
Customer Support & Experience
D2C Structures
To stand out, firms must do more than recognise the need for change—they must set clear strategic goals and align their operating models. A successful digital strategy goes beyond technology adoption to create a seamless, scalable, and cost-effective advisory model.
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