Jeremy Boot, Senior Product Manager, explains to Business Reporter the status of technology adoption in wealth management.
So, is the wealth management industry finally waking up to the digital technology revolution?
I think it's fair to say that wealth managers have been somewhat behind the digital curve compared to retail banks and other industries, but I think things are now starting to change.
This is being driven on the one hand by increased customer expectations towards digital offerings, especially coming from the younger generations.
Combined with the technological enablers that are changing the way that banks and their customers interact and do business, and this of course against a backdrop of tighter regulation in the industry and increase in costs coming from running legacy systems that's really now pushing wealth managers to invest in this area, and look at complete digital transformation.