LEADING FINANCIAL INSTITUTIONS ARE SEIZING THE MOMENT
Over the last five years, the WealthTech market has matured considerably, proving the viability of business models and resulting in more financial institutions acquiring and partnering with tech firms to jumpstart their own WealthTech innovation.
At PIMFA WealthTech we see this trend continuing as the industry looks to build its wealth presence at both ends of the wealth equation; from differentiating services for high net worth clients to introducing expanded forms robo-advisory and self-serve options for new investors.
Our focus covers a multitude of innovating solutions built specifically for the wealth and financial advisory market whether its the front, mid or back office; from personal finance, savings and investing to regulatory compliance, capital markets, custody, trading and settlement.
Looking forward, we have a strong sense of numerous trends coming together to drive both established companies and start-ups in envisioning what wealth and financial services means and what it will look like in the post-pandemic world.
TOP TECH TRENDS
2024
1.
A growing number of financial institutions will offer tech-enabled embedded insurance and finance solutions throughout the wealth and financial planning lifecycle, enhancing both the customer experience and service proposition.
2.
Fintechs will increasingly focusing themselves as data organisations and data providers in order to support greater differentiation amongst wealth managers and financial advisory firms.
3.
Given the growing prioritisation of ESG, more FinTechs will offer ESG capabilities, including those focused on climate change, impact investing, carbon offsetting and the circular economy.
4.
Global Wealth Managers will utilise technology to access jurisdictions considered to be under-developed in terms of financial services in regions such as Africa, Southeast Asia, Latin America and the Middle East.
5.
Growth in global financial institutions looking to acquire regional WealthTech players in order to bolt-on and globalize their wealth tech offerings
ALSO EMERGING
2024
- An increasing focus on the use of AI, machine learning, and automation.
- Closer distribution partnerships between platform brands and wealth managers.
- Growing focus on embedded insurance as part of integrated finance offerings.
- Continued investment in RegTech solutions including privacy, fraud prevention and detection, cryptocurrencies, and HR management.
- Growing focus on platform-based approaches to cybersecurity.
- Surging interest in crypto assets and blockchain solutions in modern financial services.
- More M&A activity as the industry looks to play catch-up and smaller WealthTechs consolidate.
Whether you are a CEO or a Technology, Operations, Risk or Compliance Officer within a financial institution, whatever the size, the opportunities to engage and embrace the latest technological developments are near limitless if you’re willing to re-imagine how WealthTech can better serve your business operations and client experiences.
