Key emerging client-focused technology trends in the wealth management industry
The global wealth management industry has been booming with the growth in High Net Worth Individual (HNWI) wealth and population. Growth of HNWIs has been more prominent in emerging markets that were major contributors to global recovery witnessed in 2009 and 2010. Products and services demanded by HNWIs are now much more sophisticated than those offered under normal banking services. Our analysis highlights important trends witnessed across the globe.
However, the growth in wealth management business is not without its challenges as HNWI clients have become more demanding in terms of products and services offered. HNWIs are becoming tech savvy—both young and old. They are spending more time online, and are demanding increased communication in this space. Reporting needs of HNWIs is also on the rise as they invest across complex products and demand periodic updates on their holdings.
This paper explores trends among wealth management firms to better service clients including: the increased use of mobile and social media platforms; increased spending in online products and services to meet needs of increasingly tech savvy clients; and increased spending on client reporting tools to improve transparency and client satisfaction.