As the wealth industry keeps continuing their discussion about we should be creating a future-ready platform for wealth management, and suggest an advising model that is hybrid in nature, we are failing to notice the emerging technology trends. Trends that make us believe that wealth management is not a destination but a journey.
Yes, we believe that ‘Hybrid Advice Model’ is the new and upcoming wave for wealth management. As we adapt to this trend, we need to create our wealth management journey around partnering with the right wealthtechs; investing in a better data; strategizing around digital decoupling, and arming your organizations operating model with continuous innovation.
Apart from this, the top five technological trends that will help us better our wealth management is something that we should be focusing on. So, understand what these trends are and what impact would it have.
For the organizations who are venturing into wealth management or are in wealth management and looking for ‘hybrid advice’, should look at ‘AI’. An AI that will function as per the client requirements and the society also is something that will prove beneficial. According to a survey conducted by Accenture, it is found that in the coming two years, AI will be seen working along with humans in their organizations. Moreover, majority of wealth executives believe that it becomes easier to gain the consumer trust by being clear about their AI-based actions and decisions.
How will the extended reality affect? Augmented and virtual is diminishing the distance between reality and people, experiences, and information as well. The XR-extended reality-provides opportunities for creating better client engagements. Several organizations are already making the most of XR for training their workforce, increasing every day productivity, and creating customer experiences that are immersive.
Data is where the world of every technology organization revolves now. Therefore, wealth management organizations need depend on actionable data, which would help them create a data pipeline for turning actions into insights. According to a leading IT firm, 80% executives strongly agree that organizations heavily rely on data, but many have not ventured into finding out the truth within. The strongest pursuit is confidence, and data provides a good insight in the business. When you create a wealth platform, focus on both veracity and integrity.
- No friction
Being competitive depends on how strong your partnerships are with the executives from the wealthtech industry, which would help you for creating a digital ecosystem. To ensure that you have a seamless relationship with the new entrants in the digital world, you need to re-architect them. You need to adopt new technologies and one of your legacy products for internal transformation to become the new age portal.
The physical world is witnessing a brand new level of digital sophistication, which is being extended to connected devices and extended reality. You can leverage these revolutionary systems for becoming a future-ready wealth platform. Soon we will see how extended infrastructure will become the central system of Internet of Thinking.
These five trends if implemented at the right time and right manner will help drive speed, scale, and innovation. A futuristic wealth platform will provide a complete personalized value and at the same time remain competitive as per the ever-changing industry.
With wealth management stealthily depending on technology to drive results and help with a future-ready platform, it’s time we look at how predictive analytics can help us.
DecisionMines, being one of the forerunners in the industry, let’s understand the role of data in wealth management.