Four interconnected drivers are changing the wealth and investment market – client expectations, regulation, technology and competition – and leveraging on digitisation can help financial institutions to overcome the challenges set by these drivers and to grow.
This was the assumption shared by wealth management influencers, researchers and business executives speaking at the International Customer Conference hosted by Objectway in Amsterdam, on 24 November.
Stephen Wall, senior analyst from AITE, stated that these four factors have highlighted business model, process and technology infrastructure inefficiencies. Seeing the opportunity to change the market, innovative players are shining a path to the future model of client-centric wealth management.
“Service differentiation by client segment and client behaviour will be key to ensure a personalised digital wealth experience, from engagement, across advice, to goal-based wealth management as a perfect full-service and client-centric response,” he said.
FinTech influencer Chris Skinner illustrated how open source fintech is disrupting established financial players on the one side, while on the other can represent an opportunity to renew the entire world of financial services.
“Digital is all about rethinking wealth management for the internet age, re-imagining how to offer finance through technology. There is an opportunity to remain relevant if banks can do it smartly,” said Skinner.
Among financial institutions who have already embraced digitisation in multiple aspects of their business are Azimut, CheBanca!, Investec and Rabobank, which shared their initiatives based on Objectway’s solutions.
During the exclusive tour and dinner at the Van Gogh Museum on the night of 23 November, Objectway presented its new company brand to clients, influencers and journalists.
The International Customer Conference has also been the exclusive stage to reveal the findings of the survey “Digital Engagement and Collaboration in Wealth and Investment Management. The Hype, the Reality and the Future” authored by Efma and Objectway. The results highlighted a distance from the real-life implementation of a differentiated customer experience and its declared importance. Consequently, the digital engagement and collaboration capabilities that will grow more in two years will all be interaction-related. The adoption of hybrid and robo advisory tools will register the higher growth in two years, compared to other online investment management tools.
Luigi Marciano, CEO of Objectway, says: “Digitisation should lead to business growth, ultimately. To achieve that, financial institutions must manage customer experience and business processes in a digitally integrated fashion. The thought-provoking perspectives shared during our conference can foster the strategic decisions of wealth and investments professionals.”