In search of a sweet spot for wealth management digitisation: Human versus technology, provider versus customer perspective

Abstract

The wealth management and private banking industry has been slow to get on board the digital revolution that has swept across the financial services industry. The industry’s initial attempts at ‘going digital’ were limited. Because most retail banks launched mobile applications, wealth managers did the same, without considering what these tools can actually be used for and which client pain-points they could resolve. This paper discusses the expectations of current and future private banking clients, and the role that technology and digitisation will play in addressing these. To succeed in the long term, wealth management organisations have to be smart in combining the strengths of their personnel with the capabilities offered by technology.