Wealth Management: Technology Platforms, Competition in Challenging Economic Times

The world of financial services has changed enormously in the past few decades. The continuously accelerating pace of technology innovation and digital platforms has been one of the most critical drivers for banks and wealth managers.

In wealth management, change started several years ago with the rise of robo-advisors – artificial intelligence-driven virtual financial advisors – offering simple, attractive and easy-to-use self-service advisory and investment solutions for the mass market. This change has since evolved into a general move towards digitally-enabled investment platforms for all user segments, from ultra-high net worth individuals down, with a corresponding question about how to provide a highly personalised advisory service using digital channels for clients who are accustomed to a traditional mode of engagement with their wealth managers and may have never considered digital interaction before.

The accelerating wave of technology innovation, Covid-induced digital migration, the rise of cloud platforms and the expectation of instant, accurate and up-to-date content and data in service interactions have led to a painful disruption for incumbent wealth managers and new opportunities for challengers, with the rapid evolution of technology platforms being key to staying relevant.

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To find out how customers’ evolving attitudes, needs and expectations are reshaping the financial services industry in an increasingly competitive marketplace, read EPAM Continuum’s Third Annual Consumer Banking Report here.  

Learn how EPAM helps financial services companies keep pace with emerging technologies, rising customer expectations, ever-changing regulations and disruptive business models here.