Digital innovation in wealth management

In an era marked by rapid technological advancement, the wealth management industry is undergoing a profound transformation. Today’s wealth management providers play a pivotal role in the financial well-being of an increasingly wide range of customers, across age and income groups, stretching far beyond the global elite.

Wealth managers, entrusted with growing and safeguarding clients’ assets, find themselves at a crossroads. To stay competitive, embracing the digital revolution and reshaping the financial services landscape is imperative. Since the financial crisis hit the markets in 2008, the sector has experienced massive changes, and the pandemic has only accelerated the pace of these changes.

PricewaterhouseCoopers predicts that by 2027, 16 percent of existing asset and wealth management organisations will either be absorbed or fade away as the industry grapples with unprecedented challenges. Factors such as digital transformation, shifting investor expectations, consolidation, and the rise of “retailisation” are gaining prominence amid social, economic, and geopolitical disruptions.

Furthermore, the survey revealed that nearly 90 percent of institutional investors believe disruptive technologies will enhance outcomes and returns from portfolios. Despite this consensus, asset managers face challenges in implementing these technologies effectively, despite widespread investment.

A new mantra is emerging: a digital-first, customer-centric approach. The digital revolution and generational wealth transfer have revolutionised investment strategies. Investors now demand seamless, efficient, and transparent services that provide personalised, data-driven insights and instant access to financial information. As macroeconomic uncertainties intensify, wealth preservation becomes a top priority, requiring the industry to deliver real-time engagement and a customer-centric experience.

The central question for wealth managers becomes: How can profitability be protected, customer value be enhanced, and adaptation to the changing environment be achieved?

In Nigeria, technology-driven investment firms offering dollar-denominated investments are on the rise. Traditional wealth managers are leveraging trends in private equity, digital wealth (WealthTech), and crypto to compete effectively. Data analytics, powered by Artificial Intelligence, offer profound insights into client behaviours, enabling the creation of personalised investment strategies. Digitalised wealth management ecosystems extend the reach of wealth managers globally, enhancing operational efficiency and elevating the client experience.

Coronation is at the forefront, building one of Africa’s leading technology-enabled ecosystems. Our digital-first, customer-centric approach to wealth management is changing the investment landscape for Africans. By catering to the needs of both high-net-worth and price-conscious clients, coronation is creating real-time digital products that address the challenges faced by corporate and retail investors.

KPMG’s 2021 study reveals that a credible digital offering is mandatory for financial services brands to succeed. Today’s best-performing wealth managers are leading the way in digital transformation. However, the sector faces challenges in data use, privacy, and security. As digital engagement with wealth managers increases, modern security tools and programmes should be a top priority.

In conclusion, the global asset and wealth management industry has demonstrated resilience in adapting to changing conditions and evolving investor demands. In Nigeria, a new breed of organisations is emerging — tech-enabled, customer-focused, and operating across a diverse range of assets. By acquiring digital capabilities, wealth managers have the potential to become more customer-centric and grow market share. The digital revolution presents an opportunity for wealth management firms to redefine their roles and thrive in a changing financial landscape in Nigeria. Resisting change risks falling behind modern investor expectations. The digital future of wealth management is here, and those seizing the opportunity will lead the way into a new era of financial prosperity in Africa.

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                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

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                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

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