Extract from ‘Digital Banking: the opportunity for wealth managers’. As featured in Business Reporter and The Telegraph Online

Transcription

I want to talk a little bit more about these hybrid advisory, that system, because obviously it’s a big question is where does the wealth manager fit into that?

The relationship between the top end client and their RM is fundamental. The trust is very important. I don’t see that going away, but that said I think hybrid advisory solutions will become the evolving standard, because they tend to provide the best of both worlds.

So on the one hand, yes having self-service capability in place where appropriate, but freeing up the advisors time through the automation to focus on higher added value activities, onboarding more clients or spending more time with those top end clients.

So, it’s really I think the model that provides the flexibility to adapt the service level across the client spectrum.

Furthermore, the ways that we interact are changing and I think top end clients will expect today to be notified through digital channels about events on their portfolio that may require their attention and to stay in touch with their RM using things like video chat technology, more quickly, more easily than they might have been able to do in the past.

In this way we can see technology really actually supporting and enhancing the RM customer relationship.

Extract from ‘Digital Banking: the opportunity for wealth managers’. As featured in Business reporter and The Telegraph Online

Extract from ‘Digital Banking: the opportunity for wealth managers’. As featured in Business reporter and The Telegraph Online.

Transcription

Robo advisors are certainly grabbing their headlines at the moment, but is that something that should be cause for concern for wealth managers?

Well, we think wealth managers need to look at this as an opportunity. The Robo advisor market is still a young market.

It will evolve, and public awareness about Robo advisors is still growing, so it’s important to recognize as well that Robo advisors it goes beyond simply the new FinTech solutions really targeted for retail customers. It’s really about streamlining investment management, so combining automation with straight-through processing.

So, yes there are the new solutions that have grabbed the headlines, but as we move up the client tiers we find these being combined with access to an RM into hybrid solutions, as well as being deployed internally for RM’s to facilitate the generation of investment advice.

Wealth managers need to look at this as an opportunity, also perhaps to target new segments and we see some financial institutions traditionally focused on the top end of the market rolling out solutions towards the lower end as well.

Robo advisor type solutions should really be a cornerstone of any wealth manager’s digitization strategy.

It’s about leveraging the automation and the technology that is key, and then having that solution in place that base in place which can then be extended with more capabilities as these become available.

So, using customer data, adding analytics and artificial intelligence to further enhance and support the investment management process.

The traditional wealth management model has been unchanged for years: a personal service underpinned by years of specialist experience. Not anymore. Just as in many other industries, digital technology is starting to play a role in improving customer choice, and helping wealth managers enhance and support their existing business and take advantage of new opportunities to offer new services.

As appeared in Business reporter and The Telegraph Online

Transcription

It’s been really informative.

I feel like there’s been a big mix of different products.

It was a really great day, a lot of interesting start-ups, different sectors of FinTech.

Historically banks I think have looked at identity as a series of tactical problems.

Banks are issuing cards and you know cards are part of the problem in terms of fact we lose them, they get stolen. So different ways of solving problems using analytics, using data.

I want to take you on a little journey through the evolution of digital banking.

We help financial institutions of all times. One of the things that we’ve seen is the response of banks to FinTech. What we try to present is the ability to open a compliant, certified account in under 10 minutes.