FinTech and the Global Wealth Management Industry

Noel Finck, Meredith Bowden, Fiona Carter, Crag Carttling, Vincenzo Lorefice and Jeffrey Vanderveen

Chapter 8 in Transformation Dynamics in FinTech:An Open Innovation Ecosystem Outlook, 2021, pp 205-245 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The global Wealth Management industry is changing fast and incumbents need to anticipate and react in order to be successful. Led by a significant rise in wealth in Asia, changing customer preferences, and digital transformation post the global financial crisis, open business models will assist innovative companies in creating tailored solutions for their new customer segments. New customer segments among women, millennials, and cross-border require new services aided by digital technology and are customer-centric and values-based, not just focused on investment returns.Business models should be underpinned by a hybrid offering of digital services with a strong focus on human relationships. Systems, processes, and structures must ensure agility, innovation, and efficiency in order to continue to compete in this environment and be ready for ongoing technology-led disruption.Technology-led disruption and involving customers in the value creation process using the Lean methodology and value co-creation can be used in order to understand and increase customer value. FinTech should be simple and responsive and designed to augment human advisors.

Keywords: FinTech; Open Innovation; Financial Services; Ecosystems; Innovation Management; Banking and Finance; Technology Management; Emerging Technologies (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2021
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