Thanks to digital innovation and the rise of fintech, the financial marketplace continues to evolve at a rapid rate.
Make no mistake; this evolution is gradually changing the way in which investment and wealth management firms operate and the services that they offer to clients.
In the case of service providers such as WH Ireland, there’s also a drive to change the way in which city bonuses are paid and the perception of the industry as a whole. This company is committing to paying bonuses out of earned profits, rather than total revenues generated within a specific period of time.
With this in mind, there’s no doubt that firms are striving hard to remain accessible and relevant in the modern age. But how exactly are investment and wealth management companies adapting to change in the digital age?
What Technologies are Prominent in the Financial Industry?
According to figures, an estimated 68 per cent of financial services respondents have claimed that learning about new technologies and implementing these represents their biggest challenge.
Not only this, but 69 per cent are concerned about their ability to stay relevant in the eyes of younger investors and Millennials, which is why the successful implementation of technology remains such a key factor in the current climate.
One of the most impactful technologies in the space is artificial intelligence (AI), which has already have a significant influence in the world of online trading. This type of smart and intuitive technology underpins automated trading, which enables investors in the pursuit of short-term gains to complete a high volume of orders while also minimises the impact of emotion and human error.
From the perspective of wealth management firms and corporate brokers, were also seeing an increased reliance on analytics and cognitive technologies. Once again, these technologies are being integrated into the modern wealth management service, in order to provide clients with real-time and comprehensive analytical tools that inform their decisions.
The rise of advanced cognitive technology also enables clients to manage to the portfolios seamlessly and more efficiently without compromising on their eventual returns, with machine learning capabilities increasingly capable or replicating the tasks historically completed by human account managers.
The Last Word – Why Mobile Tech Remains Pivotal
The figures also suggest that mobile platforms and apps in the financial services space offer the most value to clients, but there remains a significant gap in terms of adoption.
More specifically, only 27 per cent have and are happy with their dedicated mobile platform, with companies struggling to leverage this technology to its full potential.
This must be a key focus of investment and wealth management firms in the digital age, as they look to optimise their most valuable channel for the benefit of all parties involved.