Wealth Management Series – Digital Transformation Is Essential For Growth

On Tuesday we looked at some of the macro drivers for strategic growth strategies of global wealth managers which included the integration of ESG criteria into the investment process, digital transformation, Increasing the operational efficiency of the enterprise, client experience, new product development and differentiators such as new regional focus and increasing capabilities in real assets. Wealth management leadership teams need to align their strategic growth strategies to meet the expectations of their investors in order to increase AuM and adopt agile methodologies to take advantage of new opportunities and markets. This probably explains why in a survey of 250 asset managers, 95% of executives “agreed that an asset manager’s technology, data and digital capabilities will be differentiators in 2025″.

In another document published, one of the conclusions found that “Accelerating digital and workforce transformation will help boost productivity and enhance the customer experience while driving down costs and strengthening margins”.

In conclusion, wealth managers know that to achieve their long-term growth objectives getting their data strategy right has become a central pillar or driver for change. Digital transformation can only become successful once the enterprise has the capability to exploit the data-driven insights and new growth opportunities and in so doing be in a position to adopt a more agile management framework.

The drive towards increasing operational efficiency is an essential component of the strategy for growth which in part can be achieved through the automation of repetitive manual business processes. We conclude that Robotic Process Automation or RPA is only part of the answer. To achieve true transformation and business change, workflow orchestration is required to scale the business and reduce the cost base with true end-to-end solutions. Innovation and technology will play an increasingly important role with NLP and ML used to understand process improvements, customer trends and areas such as hyper-personalisation for improving client journeys and enhancing digital experiences. psKINETIC we are a leading provider of Intelligent Automation for wealth managers building and integrating bespoke solutions within 90-days.

For further details contact
Nick Foggin – Head of Private Banking and Wealth Management


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