Don’t Turn Off – How Wealth Managers Can Stay Relevant
Drivers of transformation and actions to prioritize
Until recently, the UK’s wealth management industry was largely homogeneous, with most traditional businesses offering similar products and services to similar clients under similar business models. Fintech has been shaking these standards for a few years, but even in 2021, traditional wealth managers with rudimentary digital tools still dominate the market.
However, the pace of change has accelerated over the past year.
Newcomers are arriving in droves with engaging customer experiences, new technologies and converging services that address the historic limits of the wealth management industry, while opening new doors to new opportunities.
Today, Covid-19 has put the industry in the spotlight, exposing some lingering weaknesses and highlighting the need for modernization.
In a post-pandemic world, wealth management companies that are ready to innovate will begin to pull back strongly from those stuck in the past. Everyone who hopes to stay relevant in this space – banks, consultancies, asset managers, investment managers and technology providers – must be ready to drive the transformation or extinction of risk.
Download your copy of this Finextra impact study, carried out in collaboration with Competent, to learn more.