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Digital wealth management

What is digital wealth management?

Digital wealth management refers to the digital tools that established financial advisors use for creating unified client experiences across all user devices and platforms. These tools help garner increased engagement and transparency, foster collaboration, and contribute towards improving the performance of financial assets.

What are the business benefits of digital wealth management?

Business areas where digital technology can transform the span of wealth management across all industry segments are:

  • Self-service and automation. Clients with basic questions about their accounts often prefer obtaining information quickly over the phone or Internet. Digital chatbots are one way to do this efficiently. 
  • Portfolio recommendations. Wealth managers can use digital technology such as machine learning to automatically scan client portfolios and recommend potential changes to meet established goals.
  • Access to external information. Based on open standards, new digital platforms make it easier and faster to integrate existing applications with third-party data providers. This gives wealth management clients more insight into their investments.
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