By 2020, financial services firms will increase the number of technology-enabled tools they provide, says Roubini ThoughtLab’s latest study, Wealth and Asset Management 2022: The Path to Digital Leadership. This increase will enable the firms to create the seamless digital experience that customers, both individual and institutional, now expect.
But this information isn’t news to everyone. As Appway CEO Hans Peter Wolf points out in the study, it makes sense that digital-first customer experience starts with simplified digital client onboarding and leads to a streamlined and coherent process. Indeed, all executives interviewed for the study agree that it’s now essential to adopt an outside-in perspective, which means understanding exactly what clients want and offering it on the channels they prefer to use. What results is an effortless, client-centric, and omnichannel interaction.
Another major theme for the financial services industry centers around regulations. The Roubini study found that almost all the digital leaders (firms with the highest level of digital maturity), as well as firms with assets under management of more than $1000 billion, foresee an ever-growing maze of global and regional regulations. Financial firms that move fast and integrate onboarding solutions able to handle multiple regulatory regimes (by delivering global projects with local variations and adapting to regional regulations and compliance requests) quickly become digital leaders. It’s essential to find a digital solution provider that is continuously innovating and fosters smoother onboarding and full integration, not only with firms’ internal and external services but also with regulators, third-party application programming interfaces, and FinTechs.
To discover more about the future of digital integration and the radical transformation the financial services industry is experiencing in digital onboarding and many other innovation areas, check out our Wealth 2022 page.