IBS Journal June 2018
25
usually doesn’t disturb overlaying technology stacks. RPA is perfect for managing the ever-increasing number of complex and stringent regulations which make it more difficult for wealth management firms.
Unfortunately, any question around new systems usually makes its way to the crux of the matter – legacy problems. Issues with legacy software often hold back firms from properly implementing new technology. To properly get onboard the RPA train, a wealth manager must be ready to take a long, hard look at the ageing tech sitting at the heart of the business. Still, there some prominent examples of RPA in action: • Chatbots
• Automated KYC • Voice assistants (Alexa, Google Assistant)
When it comes to proper utilisation of RPA, firms need to be able to re-orientate their business models, re-engineer their processes and switch around staff structures. Still, some consideration needs to be made for the customer. People are still slightly reluctant when it comes to being told what to do by a machine. IDC stats showed that though
switched on to finding the best deals, are the new kids on the block driving the biggest changes?
“ Smart, tech-savvy and
between 50% and 60% of users would be happy to chat to a machine or chatbot, that same demographic would also not be happy being given tailored advice generated by algorithms and machine learning.
Snapchat filters and digital marketplaces
Post-2008 returns have taken their time to recover. Where previously a wealth manager might differentiate itself by the quality of its staff, or the worth of its portfolio, now the differentiator is the adoption of innovative technology. Due to a history of non-differentiated offerings, cost pressures and the downward movement of profit margins have hit incumbents hard. Client retention is no longer a given, and the savvier HNWIs will jump ship if a better, more digitally-enabled service is available elsewhere.
While most might try to avoid irritating hashtags about millennials, a new type of consumer is emerging in the industry. Smart, tech- savvy and switched on to finding the best deals, are the new kids on the block driving the biggest changes? While wealth managers’ average clients are currently aged in their late 50s, 81% of managers – according to WealthX research – are trying to attract younger ones.
Baby boomers aided in the creation of a business worth more than $71 trillion, so who’s to say that the millennials can’t pick up where their parents left off? Since 2010, figures from venture capitalists and other investors have poured $11.4 billion into businesses in the field of asset management that they believe will prove popular with millennials. Around 85% of high-net worth individuals use three or more digital
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