Transformation drivers and actions to prioritise
Until recently, the wealth management industry in the UK has been largely homogeneous, with most traditional firms offering similar products and services to similar customers under similar business models. Fintech has been chipping away at these norms for a few years, but even in 2021, traditional wealth managers with rudimentary digital tools still dominate the market.
However, the pace of change has accelerated in the last year.
Newcomers are arriving in droves with engaging customer experiences, new technology and convergent services that address the historical limitations of the wealth industry, while opening new doors to new opportunities.
Now Covid-19 has put the industry into the spotlight, exposing some enduring weaknesses and highlighting the need for modernisation.
In a post-pandemic world, wealth management companies that are willing to innovate will begin to pull sharply away from those that are stuck in the past. Everyone hoping to remain relevant in this space - banks, advisory firms, asset managers, investment managers and technology providers - must be ready to drive transformation or risk extinction.
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