Digital Innovation for Wealth Management - How Digital Leaders are Winning the Game
This report provides wealth managers and banks with the data and analysis they need to make the right decisions on how best to focus their innovation efforts and budgets. The detailed survey results enable them to master the digital attacks on the traditional business models and the FinTech challenge
The report illustrates the state of innovation in wealth management by identifying and detailing the resources, means, objectives and areas for innovation and how wealth managers measure innovation success. The research is based upon 43 structured interviews with managers and executives of large, international private banks and wealth managers worldwide, plus in-depth qualitative interviews with a select group of digital leaders in the wealth management industry.
Discover the digital trends affecting the wealth management industry and explore the areas where wealth managers should focus their innovation efforts in the future. The report also highlights ten key innovators in wealth and investment management, including innovative firms that seek to collaborate and aid traditional wealth managers rather than disrupt.
The report provides detailed data and analysis of the state and evolution of innovation in the global wealth management industry, including:
Areas and types of innovation impacting the wealth management industry
Wealth Managers’ yearly budgets for new digital projects
Digital budgets for new projects by category
Important factors for realizing digital innovations
Areas primed for acquisitions or joint ventures according to industry leaders
Opinions on, and strategies for, robo-advice and automated investment services
Possible strategic choices for responding to digital disruptions
Main barriers to digital innovation
Key performance indicators for the success of digital innovation
Key changes in innovation behavior over time
Ten profiles of leading innovators in wealth and investment management
Portrait of seven innovation initiatives by established wealth managers and banks
Ways to foster digital innovation in wealth management institutions
Dos and don’ts when developing an innovation strategy
Wealth managers, banks, fund managers, IT vendors and consultants will find answers to the following questions:
What are the most important digital innovation trends in the wealth management industry today?
How high is the average budget for new digital channels and digital customer interfaces and what percentage goes to which projects? How will this average budget develop in the future?
In which areas do wealth managers currently deploy resources for innovation? In which areas should they focus their innovation efforts in the future?
Which new competitors are challenging the established wealth managers, what makes them different, and what is the best way to combat those challengers using digital innovation?
Which innovative firms seek to collaborate and aid traditional wealth managers?
How many employees do wealth managers task with the operation of digital channels and how is this headcount expected to develop?
Which are the important factors in realizing digital innovation?
What are the objectives of, and barriers to, digital innovation and how is the success of digital innovation measured?
What can wealth managers learn from innovative disruptions in other industries?
How do wealth managers innovate today and what do their initiatives look like?
What innovation challenges do wealth managers face? How can they overcome them?
How has the innovation behavior of wealth managers developed over time? What are the key changes?
How should wealth managers respond to digital disruptions? How can they figure out which strategy to employ when dealing with a disruptive competitor?
The report includes more than 25 graphs and charts, and it comes with two additional files:
Data appendix detailing the survey results for each question and in comparison to the 2016 survey
Key insights deck containing an easy-to-understand six-slide presentation that summarizes key findings for quick sharing
The authors of the report, Steffen Binder and Onawa Lacewell, talk in this video about the need for better innovation in Wealth Management: Please click here for video