The WEALTHTECH Book

Essential Digitization in Wealth Management

By Cheryl Nash

President, Fiserv Investment Services

Easy, quick, navigable digital access and delivery have made the impossible possible. Consumers can easily search, buy or communicate online – anytime, anywhere. So why would we not – how could we not – replicate that essential digital experience across wealth management?

What an interesting time in our industry – so many disruptors vying for our attention and beckoning “change”. While many firms have been focused on core competencies and markets for nearly a decade, further redefinition of business models is warranted given the prevalence and evolution of “all things digital”. Not surprisingly, we’re seeing clear and concurrent trends across financial services:

• Heightened customer expectations are most certainly influencing business priorities.
• Technology as an enabler for delivery, distribution and moving money. When you think of “digital”, while not wholly synonymous by definition, it is difficult to imagine “digital” without the complement of “technology”.
• Focused attention on demographics. Why? Because this area spells “opportunity”.

In addition to these “universal” financial service trends, there are those specific to wealth management. As a solution, digitization in wealth management is vital to fuelling progress, optimizing efficiency, facilitating communication and maximizing growth. If there was any doubt, consider the unprecedented disruption our industry has witnessed ...