New digital technologies are enabling unimaginable development and unprecedented disruption right across wealth management. Today’s client expects more informed, more personalized, more transparent and more collaborative service more quickly, efficiently and effectively than ever before.
The experience of other industries that have risen swiftly and resolutely to the digital challenge shows that digital capabilities create net new business value. Wealth management incumbents have been relatively slow to recognize the implications of the digital revolution. Challenged by legacy technology platforms, even the boldest incumbents are at best fast followers.
The message for wealth management firms is clear: Become a disruptor. Incumbents will need to take steps quickly to empower their clients by leveraging digital technologies, but not so fast that they go at it without a clear strategy. Firms that will be poised to succeed in the digital revolution will be the ones that focus on delivering better customer outcomes.
In this report, we explore how wealth management firms can respond successfully to digital disruption. Hint: It involves much more than launching a new app.