Disruptive Trends in Wealth Management I

Disruptive Trends in Wealth Management I

Elisabeth Dana

20 years: Wealth management & banking

In this video, Elisabeth Dana provides background to the landscape of the wealth management industry and introduces some of the disruptions in the industry, namely open banking and fintech investments.

In this video, Elisabeth Dana provides background to the landscape of the wealth management industry and introduces some of the disruptions in the industry, namely open banking and fintech investments.

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Disruptive Trends in Wealth Management I

8 mins 56 secs

Overview

The wealth management (WM) industry landscape is undergoing a major change and this is transforming how clients interact with their money and investments. This is largely attributed to digitalisation as it has democratised wealth management offerings. It is crucial for both wealth managers and investors to understand these emerging disruptive trends.

Key learning objectives:

  • Understand the impact of digital transformation in the WM industry

  • Outline the emerging disruptive trends in the WM industry

  • Understand the impact of open banking on the WM industry

  • Understand the impact of FinTech investments on the WM industry

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Summary

How will the increasing digitisation affect the WM industry?

The increasing digitisation may initially seem like a threat to traditional wealth managers, but this is not true. While it may at first seem overwhelming, when viewed through the right lens it is an opportunity to improve the services we offer to clients and increase efficiency. From the perspective of a client or customer it is also important to understand the key trends and changes currently underway in the industry. 

What are the emerging trends that are disrupting the WM industry? 

  • Open banking 
  • Fintechs entering the industry
  • Robo-advisory
  • Big tech firms entering the industry
  • Sustainable or ESG investing 

How is open banking impacting the WM industry?

Open banking allows institutions to share data across customer accounts to improve the customer experience for account holders. This represents an area that seems to be promising for the future of wealth management is the use of API’s and AI to generate client-specific product recommendations using historical data. Within the wealth management space, digital-only platforms have quickly realised the value of open banking. Wealth management firms can leverage the large amount of new data available through open banking to strengthen client understanding. The traditionally strong relationship between wealth managers and their clients can be boosted by tailor-made investment/ saving strategies.

How investment in fintechs is impacting the WM industry? 

Fintechs refer to startups and tech companies that are innovating and transforming financial services through technology. FinTechs offer highly personalised services and can speed up processes. Furthermore, they can process data efficiently to get the best view of what clients will find most valuable and therefore offer a more tailored service. This is becoming a key source of competitive advantage as it prioritises personalisation. It is now evolving into a relationship first approach vs a revenue first approach. 

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Elisabeth Dana

Elisabeth Dana

After working in banking in Paris for several years, Elisabeth joined Barclays Corporate in London in early 2008 before joining Barclays Wealth to look after High Net Worth clients and their families. She has focused on wealth management ever since, founding Infinity Circle in 2018. Elisabeth is a dual British and French national who speaks four languages. Finally, Elisabeth has a Masters in Political Science and Journalism from the University of Brussels and an MBA from the University of Chicago

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