Active Wealth Management Firms Target Next-Gen Investors Using Old Tech
#Wealth #management #firms around the world are focused on the next generation who will inherit wealth, but their #tech is more Boomer than Gen X.
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Digital Reasoning Brings AI To Wealth Management
#Wealth #management firms want to know how well their advisers are doing, if customers have complaints, if customers want different products and whether they are likely to leave. They are using artificial intelligence to learn what their customers are thinking in time to take action.
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Thomson Reuters And Squirro Offer Powerful CRM For Wealth Managers and Commercial Bankers
For complex customer relationship management (CRM) #Thomson #Reuters Financial and Risk, now known as Refinitiv, has partnered with #Squirro to make better use of the multiple CRM systems that #wealth #managers and #commercial #bankers often have to rely on.
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Going digital—and mobile—in wealth management
In the post-financial crisis era, European #banks have sought new avenues for profitable growth. There has been an emphasis on finding ways to grow without taking on the types of trading and financing risk that got so many banks in trouble in 2007 and 2008.
Private banking (or #wealth #management) seems like an attractive area of growth for many banks. The Allianz Global Wealth Report for 2017 points out that the financial assets of households in Western Europe grew by 4.7 percent to a total of EUR 35.3 trillion during 2016, the latest year for which such numbers are available.
The private banking market, however, presents banks with significant barriers to entry. Private banking relationships are “sticky” and are often built on long-term, multi-generational interaction, along with considerations such as reputation and brand image. New entrants may find it hard to take share from established competitors.
But, increasingly, private banking clients have the same concerns as other bank customers do. They travel frequently, are short of time, and have become accustomed to using digital financial services. We noted in a recent report that, among High Net Worth (HNW) and Ultra-High Net Worth (UHNW) customers, 70 percent use digital financial services and 85 percent use at least three mobile devices. More than 40 percent said they were open to using mobile #technology to check their portfolios and receive investment-related information.
Digital solutions—including well-designed mobile apps—can help banks “take the office to the client.” For example, banks using digital solutions can see where clients hold other accounts, or they can readily check whether the client uses other bank services such as business accounts or foreign exchange.
Such solutions will not replace the private banker but can help private bankers build relationships and expand service offerings. More importantly, such solutions have become essential to the kind of hybrid advice and digital wealth management that clients are now seeking.
The wealth management market is both dynamic and competitive. Traditional banks are fighting for share with new entrants using digitally disruptive technologies. In our view, private banks combining investment expertise with new digital and mobile approaches will be well-positioned, not only to keep existing clients but to add new clients who want both connectivity and personalized advice.
In my next post I will look at some of the features of a first-class mobile app for wealth management.
The post Going digital—and mobile—in wealth management appeared first on Accenture Banking Blog.
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By 2030 Millennials Will Have $20 Trillion In Wealth. Here’s What They Want In Robo-Advisors
Millennials are expected to have $ 20 #trillion in #wealth by #2030, according to a July 2018 CB Insights study. Marketing investment options and #robo-advisors to this mobile-centric group will require a specific strategy. Currently, millennials’ combined financial assets come up to $ 4.5 trillion in wealth. Factoring in for organic savings growth, market “impact,” and wealth […]
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More Banks Are Allowing Customers to Open Personal, Wealth Accounts on Mobile
#More and more consumers are turning to #mobile, which is why #banks are hurrying to make mobile account opening the norm for their financial #customers, according to a study released yesterday by #technology provider Avoka. Mobile account opening is available for around 40% of banking product types in North America and Europe, Avoka’s State of […]
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Merrill Lynch Wealth Management Adds Texting Feature for Financial Advisors
EXCLUSIVE – #Merrill #Lynch #Wealth #Management is adding a client-to-advisor #texting capability to its mobile app starting next month. For the #feature, Merrill Lynch has partnered with mobile communication solutions provider CellTrust to manage, track, and deliver text messaging. All communication will be time- and date-stamped, tracked, logged and archived. According to a statement released […]
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Revolut Confirms $66M Raise, Adds Bitcoin Trading, Wealth Product; 3 Asia Fintechs Expand War Chests
Fast growing alternative banking app #Revolut confirmed this week that it had raised $ 66 million in a Series B Round, and said it would be adding #cryptocurrency #trading and a new #wealth #product. As Bank Innovation reported earlier this month, the London-based startup was on pace for a big fund #raise. In a news release, […]
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Grain Releases v2.0 of Its Wealth Management App
The #wealth #management startup #Grain went live with its 2.0 version in the iOS app store this week. Grain is also live on Product Hunt. Version 2.0 amplifies and advances its “social investing” strategy and service. Specifically, Grain allows users to &8220;play&8221; investing with friends before committing funds to actual investments. The app helps its investors discover investments, […]
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Wealth Management App Grain Revisits the Shark Tank [VIDEO]
Kevin O’Leary of #Shark #Tank, the favorite TV show of entrepreneurs everywhere, made a return visit to Notre Dame University in South Bend, Ind., in January. It was his first trip back since 2014, when he hosted a Shark Tank-style event for university students. O&8217;Leary was treated to a surprise: a #video fromRead More
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