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Wealth Management & Private Banking

Wealth management in flux: 4 digital solutions to know

Bobby Bok

20 Feb 2017

Pupils of Berlin's Hausburg European school use a Microsoft Surface multi-touch computer in a digital classroom at the Microsoft stand during a presentation at the CeBIT exhibition centre in Hanover
Photographer: Fabrizio Bensch

Wealth management is evolving at such a rapid pace that Asian firms risk being left behind without the right technology. We’ve identified four key business areas where digital solutions can make a difference.

Asia’s wealth managers are under pressure like never before. Demographic changes, regulation, industry consolidation and the rise of fintech companies are forcing players to find new approaches to stay profitable.

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It’s clear that the industry has to respond to these challenges by investing in digital channels and IT systems and creating more innovative products.

Otherwise it won’t be possible to capitalize on popular digital channels or take advantage of emerging technologies such as blockchain.

Leveraging technology

In particular, the new breed of younger investor is demanding a more consultative, tailored wealth management service.

However, this becomes hard when challenging market conditions mean that each relationship manager is under pressure to serve more clients than ever before.

The only way investment managers can meet changing client demands and remain profitable is through leveraging technology in order to make more intelligent decisions with greater discipline and consistency.

We have deconstructed the wealth management workflow to identify potential inefficiencies and ways that businesses can do this, rethink their core processes and create more exciting and relevant client experiences.

  1. Client onboarding

It can take weeks to onboard a new high net worth client, with an increasing amount of documentation needed before their first trades can be executed.

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Time is a key competitive factor, and technology can speed up the Know Your Customer and onboarding processes while adhering to stricter regulations.

Only about 40% of wealth managers are satisfied with their firm’s current digital capability in terms of complying with regulatory requirements such as record keeping, audit trails and automation of know-your-client processes, according to Capgemini’s most recent Asia Pacific Wealth Report.

  1. Portfolio management

Wealth management firms need to provide clients with insights that are consistent across advisory and product teams and relationship managers to better serve them throughout the different stages of their lives.

That includes selecting the best of breed investment vehicles based on performance metrics, investment horizon, capacity and risk appetite.

Solutions such as digital advisory tools can help carry out the initial screenings.

These digital systems include aggregating client portfolio holdings (to measure concentration risks), investment house views, market sentiments and performance ratings such as brokers’ estimates.

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  1. Investment monitoring

Keeping a close watch on the markets and the overwhelming amount of information they generate can be challenging.

Filters can help you focus your analytical resources on the news that will have an impact on your clients’ investments.

Recent technological advances in artificial intelligence and machine-readable news mechanisms can increase effectiveness.

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  1. Ideas distribution

Leveraging digital platforms can help investment advisors more effectively distribute new investment ideas to relationship managers.

Better connectivity removes the need for a separate research portal, reduces the number of unread research emails and ensures that relationship managers are accessing the most up-to-date investment recommendations, regardless of their location.

Applying technology means relationship managers spend less time looking for research and more time talking to their clients about their investment strategy.

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Better client experience

In summary, wealth management firms must consider how their core processes can be scaled up using technology.

A digital platform that bridges the entire wealth management workflow can help create more exciting products and a better client experience while increasing the profitability of your wealth management business.

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