Wealth managers wanting to remain relevant must be ready to drive transformation. 8 areas need to be considered when designing an innovation journey. These include;
Reframe the business around the customer
Wealth managers need to ensure that understanding the customer is at the heart of the business, not as a one-off activity, but as a living process.
Strive for data maturity
The ability to ask questions from a place of data maturity will be a huge head start in the race to be tomorrow’s wealth leaders.
Act like a modern software company
Not every firm must start building and operating their own software, but there are ways in which even the least tech-centric businesses can benefit from adopting the methods and tactics of modern software companies.