The document discusses key trends in the wealth management sector, highlighting challenges like jargon and the 'advice gap' that hinder client access. It emphasizes the transformative impact of biodata, artificial intelligence, and blockchain in enhancing the customer experience and operational efficiency. Additionally, it notes the importance of collaboration between financial technology companies to better serve millennials and improve client acquisition.

1. Wealth Management
Key trends
Source: DecisionMines

2. Wealth Management
Get the attention of the wealth management audience is a
difficult task. And one of the biggest barriers is Jargon!
Another challenge that stands firm is ‘advice gap’ which has
impeding access. According to FCA (Financial Conduct
Authority), more than 85% are not willing to pay more than
the bare minimum for online advice.
As organizations continue to turn away potential clients, it
has become essential to revolutionize wealth management.
Read on to find out the most important tech trends in the
wealth management domain.

3. #1 Enhance the customer journey with Biodata
The client journey is undergoing a massive transformation with Biodata
being the center of change. So what is Biodata?
1. The information that we have on various sites such as Snapchat,
Facebook
2. Using relevant data points about an individual including gender and
religion
3. Data personalization
Harvesting this data will ensure that we have covered the privacy issues
and simultaneously enhanced client knowledge by providing an
intuitive proposition.

4. #2 Artificial Intelligence
We will witness a shift in ‘attitude to risk’. Artificial
intelligence will be used for assessing the client biodata and
create questions relevant to their profile.
While distant vision in horizon, artificial emotional
intelligence will be able to understand client’s reactions to
questions by reading facial expressions, which will then be
utilized to determine assessment questions.

5. #3 Robots
We are now also seeing robot solutions providing better
choices.
Biodata will help drill down to the basics, such as thematic,
religious and ethical, and investment options will be tailored to
bespoke client needs.
Machine learning will improve the responsiveness of real-time
portfolio management over time. New platforms and
applications will drive the granularity of tailored choice.

6. #4 Blockchain
Blockchain is still in its nascent phase. Prior to mass adoption, the industry must attain high levels of automation and
machine learning to improve operational resilience. The mutual funds market remains a sector challenged by
operational inefficiencies often resulting in an inability to meet evolving customer demands. The current requirement to
replicate and reconcile records across the value chain creates an unnecessary overhead.
Fund dealing will eventually become instantaneous dramatically reducing cost.

7. #5 Collaboration
Companies will become much smarter at acquiring clients. We will
see financial technology companies collaborate to acquire clients
and build more value into their propositions.
One of the problems with targeting millennials is that they haven’t
had a chance to build up any real savings in an era of low rates.
A month of overindulgence leaves them in a position where they
are forced to cash in their investments. A collaboration between
bank and robots provides more information to enable client
monitoring of spending and provide nudges to better support
millennials. This will avoid unnecessary processing and monetary
loss due to market movements.

8. Thank you