Asset & Wealth Management

Wealth management and private banking companies are facing unprecedented change. Overall, the volume of cross-border assets has significantly increased and new, globalised service requirements are emerging across wealth management and private banking. The same trend poses a threat to domestic, onshore providers who need to find new clients and assets.

It is becoming clear that client servicing in an omni-channel environment will be a key differentiator with the application of data analytics, AI, RPA and distributed ledger technologies all offering value in managing cost and improving service.

As increased transparency of tax affairs continues to dominate as a global theme in the industry, providers will most likely need to make a nimble and sustained investment in change. Opportunities to reduce the cost burden associated with developing necessary tactical regulatory responses may be provided by the emerging field of RegTech. 

As cost pressures increase, we believe that a promising solution lies in mutualised processing platforms. By sharing parts of the value chain that do not confer competitive advantage with other providers, wealth managers and private banks can focus investment on the things that matter most, make structural changes to the cost base, while maintaining compliance and service standards.