Bringing you live news and features since 2006 

Private wealth firms could catch up with retail banks in tech terms by 2023

RELATED TOPICS​

New research conducted by Intertrust among private wealth professionals has revealed that clients now expect firms to adopt similar technologies to retail banks, such as mobile apps and portals.

Almost half of all respondents to the research believe that clients now expect their wealth managers to actively invest in improving their technology, suggesting that ease of use and accessibility are now key criteria in selecting a private wealth firm.
 
The impact of business-to-consumer e-commerce on setting private client expectations is key. Survey respondents say clients expect quicker, more engaging and more responsive service levels as well as the ability to review and amend their account in real time using online platforms.
 
Despite this, while more than half of respondents admit the private wealth and banking sectors have fallen behind retail banking in terms of adoption of innovative technology, just 15 per cent think they are in danger of falling even further behind and 40 per cent believe they are closing the gap.
 
Ian Rumens, Global Head of Private Wealth, Intertrust, says: “The private wealth industry is often viewed as one of financial services’ most traditional sectors, but there is evidence that changes driven by client expectations are gathering pace and encouraging firms to adopt similar technologies to retail banks, such as mobile apps and portals. However, while respondents to our survey believe the gap between private and retail banking is closing, more than a third admit they struggle to keep up with the latest innovations.”
 
“This presents cause for concern as not only are wealth management firms facing pressure from clients to update technology, they also need to use it to tackle an ever-changing and demanding regulatory regime. The industry is clearly in need of guidance and firms would be well advised to act now to avoid becoming too complacent.”

Latest News

US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Ed Rosenberg, Texas Capital
Texas Capital Bank first opened its doors back in December 1998 and nowadays offers wealth-management services, as well as commercial,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by