In this article, we want to dive into the first panel of the event, ‘Innovation tactics - adapting business models for competitive advantage,’ led by David Ferguson, Chief Executive Officer at Seccl Technology. It focused on how legacy systems, fragmented data, and lack of integration between front, middle, and back-office systems hinder efficiency and innovation.
Missed the event? Access our full summary paper here!
During this session, participants talked about innovation and change in the wealth management industry. The overall cost to clients in the wealth management industry is currently quite high, around 180 basis points, but there is potential to reduce this significantly through better use of technology, process improvement, and pressure on fees charged by asset managers.
Legacy systems, fragmented data, and lack of integration between front, middle, and back-office systems hinder efficiency and innovation. Simplified architecture with common standards could reduce this burden, and newer entrants are showing it is possible to have much more integrated and cost-effective systems using modern Cloud-based and API-driven architectures.
For high-net-worth individuals (HNWI), having the architecture and integrations to deliver the high-quality service that clients demand is now expected. Digital onboarding, 24/7 access, transparency, personalisation, real-time data, and the like are also now expected.
Indeed, there are opportunities for innovation in all parts of the value chain - front, middle, and back office; the key lies in identifying what needs to change, why, and what the ideal endpoint would look like – and then working towards that.
But providing all this requires changes to systems, processes, and mindsets. A culture of technological innovation that comes right from the top is, therefore, a must for wealth managers to successfully negotiate change and deliver what is necessary for strategic success.
You can access the full output paper here.
If you want to participate in the next WealthTech Matters, you can access Owen James Event’s calendar here.
About WealthTech Matters
Owen James and The Wealth Mosaic have collaborated to create a series of triannual events for key decision-makers from the private wealth industry.
Technology is core to the future wealth management model, but in an increasingly specialist technology environment, wealth managers must engage with a deeper knowledge and understanding of what technology is available and can deliver across the three main areas of their business: their clients, their advisers and staff and their business processes.
WealthTech Matters focuses on these three themes to help delegates discover and discuss the technology solutions that will solve the key challenges facing their business.
About Owen James
Owen James seeks to provide a platform for strategic engagement: an opportunity for key individuals to discuss and understand the business and investment issues which are affecting the whole of their industry. The end game is to enable firms to do better business - commercially, intelligently, and ethically.
Find out more at www.owenjamesevents.com
