Personalisation to drive future wealth management

Personalisation to drive future wealth management

The majority of wealth managers believe delivering more customised services to clients is essential to stay competitive, but a third are unable to deliver personalisation to the degree that they wish, according to a new survey.

The Next-Generation Wealth Managers: Advancing Services and Personalisation with Technology report from Forbes insights and banking software company Temenos found that almost seven in 10 wealth managers believe that a virtual platform is essential to enhance the client experience compared to only 25 per cent three years ago.

Nearly two-thirds of wealth managers (64 per cent) are segmenting their clients and creating detailed and distinct profiles, while around a third (32 per cent) are unable to match demand for personalisation in line with high-net-worth individuals’ (HNWI) expectations.

The report lists three pathways that will define the next generation of wealth managers: customer experience enhanced by digital services and personalisation, insight from artificial intelligence and analytics, and new markets defined by mass affluent and alternative investments as well as operational efficiencies.

Pierre Bouquieaux, product director of wealth at Temenos, said delivering personalised customer experiences will become the key differentiator for wealth managers.

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Source: Personalisation to drive future wealth management – InvestorDaily