BANKING
“ As firms continue grappling with regulation uncertainty and volatility while advisers remain sceptical of the asset class , clients have invested their assets outside of their primary money manager relationships .”
He continues : “ Competitors should re-evaluate the products currently offered and incorporate digital assets as part of their portfolio . We expect to see more strategic partnerships and potential acquisitions between vendors within the digital asset ecosystem and institutional investors , particularly in tokenisation and distributed ledger technology applied to a broader range of asset classes outside digital currencies .” in the wealth management space . “ While the slow pace of crypto adoption by wealth managers has empowered new entrants to engage wealthy investors , the capitalisation of the crypto market now exceeds $ 2bn and presents a sizeable revenue opportunity for asset and wealth managers .
The future of wealth management As technology marches forward , so too will the continued disruptions , which , at the moment , are mainly seeking to provide customers with enhanced , cost-effective services . Personalisation , predicts McCruden , will be at the heart of the changes .
She says : “ We will continue to get better at serving our customers with a level of personalisation we have never seen before . Most wealth managers use some form of customer segmentation , for example household wealth , or risk tolerance , or age … Eventually , through data and AI , segmentation will better reflect consumer needs at a more granular level , so we will be able to service clients with the right products and services at the right time on the customer journey .”
“ If you think about some of the most successful fintech models , they ’ re those that are embedded in other customer experiences . Financial services , in and of itself , is not an experience . I think of financial services as electricity , something in the background that you need to power and enable whatever it is you want to do ,” McCruden concludes .
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