From mobile payment systems and digital on-boarding to robo-advisory, digital communication and omni-channel digital solutions, the wealth management market is currently traversing a major phase of transition that promises many new opportunities for banks and improved services for clients. Thus, banks are hoping to gain a competitive advantage by being first movers in introducing such innovative services.
Factors such as the higher cost awareness of clients, higher regulation and compliance costs for client advisory services and the low interest rate environment have decreased banks’ margins significantly. Moreover, the wealth management business is characterised by complex processes, and clients request customised support for a large variety of different services that are often linked to investment banking or cross-border solutions.