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Top Trends in Wealth Management 2020

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Wealth management is facing significant disruption on two fronts – customer experience and digital transformation. To effectively succeed within these turbulent times, understanding client demographics and expectations is essential. Firms can leverage deep customer insights to grasp their clients’ changing ethos and develop solutions accordingly. Improved customer satisfaction often drives competitive advantage. As firms prioritize superior customer experience, they are adopting intelligent solutions such as analysis of consumer sentiments to deliver hyper-personalized services. Firms are also leveraging artificial intelligence (AI) and machine learning (ML) techniques to improve client-advisor relationships. To innovate, especially within legacy infrastructures, organizations must embrace open APIs to scale technology capability with support from WealthTech newcomers and third-party vendors that offer generic and customizable API-based platforms. Regulations such as the EU’s General Data Protection Regulation (GDPR) and know your customer (KYC) mandates are pushing firms to ramp up cybersecurity and automate cumbersome client onboarding processes, in a data-driven compliance scenario.

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Top Trends in Wealth Management 2020

  1. 1. Top Trends in Wealth Management: 2020 December 2019 Link: https://www.capgemini.com/top- trends-in-2020/
  2. 2. 2© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Top Trends in Wealth Management for 2020 by Capgemini Open APIs APIs foster innovation and create new channels of growth for wealth management firmsTREND 7 Data-driven compliance Information security continues to be a prime concern for wealth management firmsTREND 8 Artificial intelligence simplifies client onboarding and KYC processesTREND 9 Deep customer insights Omnichannel offerings are essential for seamless customer engagementTREND 3 Sustainable investing is redefining asset managementTREND 1 Demographic shift spurs firms to maximize intergenerational wealth transfer opportunitiesTREND 2 Hyper-personalized services can be a key differentiator for wealth firms in the new eraTREND 4 Intelligent solution Firms consider AI solutions to enhance advisor effectiveness, improve client satisfactionTREND 6 Emotional analytics can personalize the client experienceTREND 5
  3. 3. 3© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Source: Capgemini Financial Services Analysis, 2019 Trend 1: Sustainable investing is redefining asset management Sustainable investing (SI) is gaining mindshare among wealth managers and investors to foster mainstream momentum. Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution Demand from customers Lower market risks and improving returns Regulations mandate 3© Capgemini 2019. All rights reserved |
  4. 4. 4© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 2: Demographic shift spurs firms to maximize intergenerational wealth transfer opportunities Source: Capgemini Financial Services Analysis, 2019 New investing models Digital investments Emotional connect in client-advisor relationship Customer- centric approach As the number of HNW millennials and women increases, wealth management firms need to reinvent their offerings and customer relationship management. Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  5. 5. 5© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 3: Omnichannel offerings are essential for seamless customer engagement Source: Capgemini Financial Services Analysis, 2019 Collaborative with vendors for developing multi-channel capability. Consistent with interfaces for enhancing experiences. Consolidated with customer data for insights gathering. 5© Capgemini 2019. All rights reserved | With the rapid growth of digitalized models, wealth management firms are at the forefront of offering experiences instead of selling products. Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  6. 6. 6© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Source: Capgemini Financial Services Analysis, 2019 Trend 4: Hyper-personalized services can be a key differentiator for wealth firms in the new era 6© Capgemini 2019. All rights reserved | Low personal connection Regulatory compliance Digital disruption FinTechs and BigTechs Success for wealth management firms and managers will depend on the capability to leverage AI and real-time data to deliver more relevant content, products, and service to investors by capturing in-depth customer insights. Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  7. 7. 7© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 5: Emotional analytics can personalize the client experience Source: Capgemini Financial Services Analysis, 2019 Behavioral assessment Virtual assistant Conversation enabler Sentiment analysis 7© Capgemini 2019. All rights reserved | Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  8. 8. 8© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 6: Firms consider AI solutions to enhance advisor effectiveness, improve client satisfaction Source: Capgemini Financial Services Analysis, 2019 8© Capgemini 2019. All rights reserved | Some wealth management firms are experimenting with AI to understand its potential and limitations regarding current and future business models Non-traditional players Changing HNWI behavior and preferences Rising data sets Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  9. 9. 9© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 7: APIs foster innovation and create new channels of growth for wealth management firms Source: Capgemini Financial Services Analysis, 2019 9© Capgemini 2019. All rights reserved | WealthTech Wealth Management Firms Investors/Customers  E2E API solutions  Access to financial data  Collaboration and partnerships  Scaling up technology  Reduced costs  New offerings  Customer centricity  Ease of use  Better experience  Customized products Wealth Management Trends 2020 | December 2019 Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  10. 10. 10© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 8: Information security continues to be a prime concern for wealth management firms Source: Capgemini Financial Services Analysis, 2019 10© Capgemini 2019. All rights reserved | Re-skill existing staff and acquire new talent astute in cyber- security specific sub-domains. Set up adaptive, change-management processes and frameworks to manage data-driven compliance requirements. Collaborate effectively with digital security vendors/solution providers to fill product gaps. Invest in AI, ML and cloud infrastructure to improve threat management and secure data storage. Amid apprehension about increasing cyber-attacks and growing data security compliance requirements, cybersecurity remains a concern for wealth management firms. Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  11. 11. 11© Capgemini 2019. All rights reserved |Wealth Management Trends 2020 | December 2019 Trend 9: Artificial intelligence simplifies client onboarding and KYC processes Source: Capgemini Financial Services Analysis, 2019 11© Capgemini 2019. All rights reserved | Optimize talent, reduce manpower costs Faster and more accurate data processing Integrate onboarding modules seamlessly Enrich customer experiences Top Trends in Wealth Management for 2020 by Capgemini Open APIs Data-driven compliance Deep customer insights Intelligent solution
  12. 12. A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of over 200,000 team members in more than 40 countries. The Group reported 2018 global revenues of EUR 13.2 billion. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright© 2019 Capgemini. All rights reserved. People matter, results count.

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