As the wealth industry continues to discuss whether we should create a future-proof platform for wealth management and suggest an advisory model that is hybrid in nature, we are unaware of emerging technology trends. Trends that make us believe that wealth management is not a destination but a journey.
Yes, we believe that the ‘Hybrid Advisory Model’ is the next new wave for wealth management. As we adapt to this trend, we must build our wealth management journey around partnering with the right wealth technologies; invest in better data; Strategize around digital decoupling and build your organization’s operating model with continuous innovation.
Apart from this, the top five technology trends that will help us improve our wealth management is something we should focus on. So understand what these trends are and what impact it would have.
- TO HAVE
For organizations that are venturing into wealth management or are in wealth management and are looking for ‘hybrid advice’, they should be looking at ‘AI’. An AI that will work as per customer and societal requirements is also something that will prove beneficial. According to a survey conducted by Accenture, it is found that in the next two years, AI will be seen working alongside humans in their organizations. Furthermore, most wealth executives believe that it is easier to earn consumer trust by being clear about their AI-based actions and decisions.
- Reality
How will it affect extended reality? Augmented and virtual is decreasing the distance between reality and people, experiences and information as well. Extended reality XR provides opportunities to create better customer interactions. Several organizations are already leveraging XR to empower their workforce, increase daily productivity, and create immersive customer experiences.
- Data
Data is where the world turns for every technology organization now. Therefore, wealth management organizations need to rely on actionable data, which would help them create a data pipeline to turn actions into insights. According to a leading IT company, 80% of executives strongly agree that organizations are heavily dependent on data, but many have not ventured to discover the inner truth. The strongest search is trust, and the data provides a good insight into the business. When creating a wealth platform, focus on both truthfulness and integrity.
- no friction
Being competitive depends on how strong your partnerships are with wealth tech industry executives, which would help you create a digital ecosystem. To make sure you have a smooth relationship with new entrants to the digital world, you need to redesign them. You need to embrace new technologies and one of your legacy products for internal transformation and become the portal of the new era.
- Thought
The physical world is witnessing a new level of digital sophistication, which is spilling over into connected devices and extended reality. You can take advantage of these revolutionary systems to become a future-ready wealth platform. We will soon see how the extended infrastructure will become the central system of the Internet of Thought.Wealth Management
These five trends, if implemented at the right time and in the right way, will help drive speed, scale, and innovation. A futuristic wealth platform will provide complete personalized value while remaining competitive in the ever-changing industry.