As the wealth industry continues to discuss whether we should create a future-proof platform for wealth management and suggest an advisory model that is hybrid in nature, we fail to notice emerging technology trends. Trends that make us believe that wealth management is not a destination but a journey.

Yes, we believe that the ‘Hybrid Advisory Model’ is the new and next wave for wealth management. As we adapt to this trend, we must build our wealth management journey around partnering with the right wealth technologies; invest in better data; strategize around digital decoupling and arm your organization’s operating model with continuous innovation.

Aside from this, the top five technology trends that will help us improve our wealth management is something we should be focusing on. So understand what these trends are and what impact they would have.

• TO HAVE

For organizations that are venturing into wealth management or are in wealth management and looking for ‘hybrid advice’, they should look to ‘AI’. An AI that will function according to the requirements of the customer and society is also something that will prove beneficial. According to a survey conducted by Accenture, it is found that in the next two years, AI will be seen working alongside humans in their organizations. Furthermore, most wealth executives believe that it is easier to gain consumer trust by being clear about their actions and decisions based on AI.

• Reality

How will it affect extended reality? Augmented and virtual is decreasing the distance between reality and people, experiences and information as well. XR extended reality provides opportunities to create better customer interactions. Several organizations are already leveraging XR to empower their workforce, increase daily productivity, and create immersive customer experiences.

• Data

Data is where the world of every technology organization turns now. Therefore, wealth management organizations need to rely on actionable data, which would help them create a data pipeline to turn actions into insights. According to a leading IT company, 80% of executives strongly agree that organizations rely heavily on data, but many have not ventured to discover the inner truth. The strongest search is trust, and the data provides a good insight into the business. When creating a wealth platform, focus on both truthfulness and integrity.

• no friction

Being competitive depends on how strong your partnerships are with wealth tech industry executives, which would help you create a digital ecosystem. To ensure that you have a smooth relationship with new entrants into the digital world, you need to redesign them. You need to adopt new technologies and one of your legacy products for internal transformation and become the portal of the new age.

• Thought

The physical world is witnessing a new level of digital sophistication, which is spreading to connected devices and extended reality. You can take advantage of these revolutionary systems to become a wealth platform ready for the future. Soon we will see how the extended infrastructure will become the central system of the Internet of Thought.

Wealth Management

These five trends, if implemented at the right time and in the right way, will help drive speed, scale, and innovation. A futuristic wealth platform will provide complete personalized value while remaining competitive in the ever-changing industry.