Rise in wealth managers adopting digital tech

Digital technologies are being used by wealth managers to mitigate the challenges of the pandemic and data security, and to improve client servicing and customer engagement, according to research.

Mobile-focused digital transformation firm Mobiquity commissioned research among 100 wealth managers in the UK, and found that over three-quarters (79 per cent) said digital technologies had improved customer engagement strategy, and their experiences with clients (81 per cent).

Over half (56 per cent) reported increased client demand for digital products and services due to COVID-19.

Almost half (47 per cent) are using a client wealth management dashboard on a mobile portal, over a third (36 per cent) are using video conferencing and almost a third (32 per cent) are using Open Banking.

About a quarter (24 per cent) are using conversational chatbot AI (artificial intelligence).

But barriers to “WealthTech” remain, said Mobiquity.

Almost a quarter (23 per cent) said they do not have plans to adopt technology in the future.

The main barriers include privacy concerns (35 per cent); risk and compliance (32 per cent); technical issues, like software crashing and internet connectivity problems (31 per cent); and technology implementation taking too long (31 per cent).

Matthew Williamson, vice president of global financial services at Mobiquity, said: “The wealth management landscape has been ripe for digital disruption for some time. The sector has seen a big shift, driven by changing client expectations, demographic changes, regulatory pressures and increased competition.

“While challenges still exist in implementing digital technologies, the benefits outweigh the barriers.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.