Temenos<\/strong><\/a> partnered with Forbes Insights to conduct a study of the digital wealth management landscape.<\/p>\nForbes Insights and Temenos began to chronicle the digitization of wealth management in 2016 with a report that captured the arrival of robo-advisors. In 2018, the survey delved into the role of AI. The latest report \u2018The Next-Generation Wealth Manager\u2019, published in June 2019, looks specifically at the value of technology from the perspectives of both the wealth manager and the client and its role in shaping the Next Generation Wealth Manager. Temenos and Forbes surveyed over 300 executives and over 100 HNWIs. The report also includes commentary from leaders in investment and private banks, an academic and a futurologist.<\/p>\n
Results<\/h3>\n
The survey defines three key pathways to success that will define the next-generation wealth manager: customer experience, insight gained through AI and analytics and expansion in new markets such as the mass affluent.<\/p>\n
One of the key findings of this study was that 64% of wealth managers now say that digitisation is essential for communication and service enhancement \u2013 up from just 25% in 2016.<\/p>\n
This proves that wealth managers are quickly coming to terms with the fact that digitisation is a necessary process if you want to keep your clients and stay at the top of the industry.<\/p>\n
Clients are also happily accepting technological solutions, with 87% of the tested group willing to do so. This is improved from 74% in 2016.<\/p>\n
A key technology that is considered important within the wealth management industry is blockchain, which is considered significant by 82% of those surveyed. Key to the value of blockchain within the wealth management services industry is the security it provides, as well as the greater transparency and trust factor.<\/p>\n
Why wealth managemers need to implement tech solutions<\/h3>\n
\u201cWealthy individuals are willing to pay a steep premium for really smart and likable people, and they won\u2019t walk away from that just because of technology,\u201d says Gerd Leonhard, a wealth management futurist.<\/p>\n
\u201cBut they will not be satisfied with an organisation full of great people who are completely behind on everything else. They expect complete coverage of technology all the way to the cutting edge of things\u2014 applications and mobile, for example\u2014and they value connectivity with people and relationships and opinions and wisdom.\u201d<\/p>\n
The results of this study clearly show that high net-worth individuals (HNWIs) want technology to play a bigger role in how they interact with their wealth managers \u2013 not surprising given the industries and positions these HNWIs are likely to be working in.<\/p>\n
Temenos \u2013 Leaders in wealth management<\/h3>\n
Temenos, who partnered with Forbes Insights to run this study, is a banking software company that offers cloud-native and cloud-agnostic products to accelerate cloud adoption particularly within the banking sector.<\/p>\n
Temenos’ wealth management solution, WealthSuite, provides packaged omni-channel user agents as well as a full set of consumable API’s. WealthSuite, used by blue chip banks globally, provides 24\/7 real-time capability to enable banks to deliver a compelling service to customers, while empowering advisors by automating time-consuming compliance and back-office functions.<\/p>\n
Download the full report here<\/strong><\/a>\u00a0to learn more about how Temenos can help you improve your digital financial systems.<\/p>\n","protected":false},"excerpt":{"rendered":"Wealth management, like almost every industry, has been heavily affected by the digital revolution over the past few years.<\/p>\n","protected":false},"author":57,"featured_media":330233,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[26,14161],"class_list":["post-330231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-headline","tag-temenos"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/330231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=330231"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/330231\/revisions"}],"predecessor-version":[{"id":330251,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/330231\/revisions\/330251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/330233"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=330231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=330231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=330231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}