By FINTECH Books Contributor, Monisha Shivdasani
Digital disruption is a rapid emergent in today’s financial world gripping the minds of clients who are always informed and smarter decision makers. It is these new age clients who simply put their thinking caps on and embrace the tech wave with ease becoming more transparent and effective than ever.
With everyone becoming a disruptor, building a bold strategy will require the incumbents to proceed with caution and look beyond recognising the implications of digital technology to leverage themselves to rise from the masses however it is not as easy as launching a technology platform.
Wealth management firms have been slow followers to the rise in disruption, every industry player knows the digital challenges, understands the pros and cons but clients today demand the industry realises its digital capabilities and provide added business value that offer new solutions.
So what builds the base to the curators guide to form a clear strategy that will resonate with their clients:
1) Trust is the Jack of the trade – How a new age wealth manager uses the power of trust to keep his client more informed, always proactively involved and strikes the chord of trust in playing into ‘fintegration’ redefines the tactics of the game.
2) Collaboration is the Queen – A more collaborative approach to sustain the relationship between banks and Fintechs state that both parties are always aware and ready to take on disruptive challenges, staying focused toward their mutual goals, enabling more synergetic decision making.
3) Preparation is King – Willingness to accept rapid changes such as encryption technology and artificial intelligence in the tech world and observing key developments is vital to both the wealth managers and their clients. Full clarity playing into the Fintech mindset guarantees one emerges a victorious digital disruptor bringing new solutions to life with new innovative business models.
Straddling tech advances with progressive solutions will curate the industry mindset and strategy to re-invent and re-build the legacy systems that shape the future of wealth management.