What Wealth Managers Should Learn From FinTech
In the months since the International Monetary Fund described the outlook for the global economy as “gloomy and uncertain,” there has been little to change the perception that the global economy is in a perilous position.
Throughout the world, the price of a wide range of products has increased, while specifically in mainland Europe and the UK, the cost of living crisis has put a considerable strain on the livelihoods of many citizens.
Wealth Managers need to engage new audiences. However, the current economic backdrop makes this somewhat difficult for the average salary earner. The term “wealth” might also put off would-be customers as they typically don’t identify with the term.
The big challenge then for Wealth Managers is finding ways that they can make their brand and their offerings more relatable to more people. FinTechs are really good at meeting customers at their point of need, usually with a digital-first focus, which is why organizations across all industries are jumping on the FinTech bandwagon. However, Wealth Management needs to tread carefully.
As technology experts who work with the gamut of Financial Services and Wealth Managers (from heritage institutions to challengers), here is Publicis Sapient’s take on how the Wealth Management sector can gain the trust of the average person, and change the general distrust and nervousness that the public has for the Wealth industry. We will also be looking at the ways Wealth Managers can begin to embrace technology to help them be more approachable to the modern investor.