The competitive landscape of wealth management industry is evolving very rapidly by a range of forces including an increasingly diversified client base with much higher expectations, hybrid advisory model powered by technology, regulatory change, geopolitical volatility and aggressive fintech with efficient digital business models.
The leading wealth management firms are gearing towards a future-ready enterprise. Some of the key strategic goal includes,
Wealth firms are embracing hyper personalization in context of client’ life goals and looking forward to offering customizable solution including innovative products such as crypto funds, direct indexing, private equity etc.
For many wealth firms, the top priorities are to harness data, use advanced analytics and generate actionable insights with a real-time understanding of the customer and the business to shape-up integrated business decisions. Firms are rebuilding their tech stacks and embracing advanced analytics to personalized wealth management services. Some of the use cases include,
1) Client onboarding
Client acquisition and onboarding includes client discovery, risk profiling, account opening and onboarding. Firms are using analytics for lead generation and share-of-wallet modeling.
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