Digital strategy for wealth managers: The path to innovation

Giulia Lupato

Journal of Digital Banking, 2018, vol. 2, issue 3, 232-248

Abstract: Technology is becoming part of everyday life, including the way we interact with financial services. With customers becoming more and more accustomed to the availability of digital services, these are becoming not just a ‘nice to have’, but a ‘must have’ for businesses who want to future-proof their activities. The wealth management sector is no exception to this general trend. However, traditional wealth managers still seem reluctant to embrace digital technology in its many facets. Why is that, and what is available to wealth managers who do decide to innovate? This paper analyses the reasons wealth managers should adopt a digital strategy, and offers an outline of what support initiatives are available, as well as an overview into present and future technologies that are or will be available to wealth managers.

Keywords: digital strategy; wealth management; financial services; innovation; financial technology; FinTech; RegTech; Automated advice; FCA sandbox; FCA advice unit (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2018:v:2:i:3:p:232-248

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