Objectway Releases Joint Research with Compeer “Setting the Digital Agenda for the Next Normal” in Wealth Management
The digital offering generates a competitive advantage for client attraction and retention
London July 22, 2021 06:30 AM Eastern Daylight Time
Objectway, a Global Top 100 fintech leader in the Digital Wealth and Asset Management software, today published the research paper “Setting the Digital Agenda for the Next Normal” in UK Wealth Management, commissioned in association with the premier provider of business performance benchmarking, Compeer.
The findings are based upon a series of face-to-face interviews conducted with a variety of UK Wealth Management firms, including Private Banks, Investment Managers, Full Service Wealth Managers and execution-only Stockbrokers.
The research investigated the main themes that will be setting the Wealth Managers’ digital agenda, and consequently how their IT spending will be gaining momentum from digital change achieved during the pandemic.
When questioned about the relevance of digital services in achieving their business objectives, wealth managers indicated the acquisition of new customers as the most important. Indeed, firms see the digital offering as a method to differentiate themselves in the market.
Closely after this, there is the provision of existing services in a more cost-efficient and scalable way.
Digital is recognised as a means to improve the client experience, whilst reporting and onboarding are currently the key areas of focus which cause frustration for both staff and clients.
During the pandemic, digital tools have demonstrated their value.
In 2020, total IT costs have risen by 15.1%, almost double the previous year (7.8%), as firms raced to upgrade their digital capabilities.
Now firms are looking at how to add more value across the front office and client lifecycle, capitalising on the appetite for digital from both staff and clients.
The major concern firms highlighted is the challenge of building the same level of relationship and trust with clients digitally that can be achieved in person. Despite this concern, data shows that annual client inflows for wealth managers were up to £123bn in 2020, from £112bn in 2019.
Despite the recent increase in demand for face to face meetings from clients due to the progressive loosening of social distancing measures, firms are expecting to continue delivering and enriching their digital wealth services, finding the right balance between traditional and digital services based on each client’s preferences.
Drawing value from client’s data to drive decision making and build a hyper-personalised service is expected to be the further step of an effective digital strategy. There is no doubt over the potential of Artificial Intelligence to do so.
ESG & Sustainable Finance
The main drivers for firms’ ESG strategies relate to keeping up with the upcoming regulatory requirements, generating alpha, responding to client demand and the opportunity to attract new clients and to increase assets under management.
Predictably, all wealth managers see ESG as a commercial opportunity. Nevertheless, interviews revealed that one of the major hurdles in their ESG strategy is how to demonstrate their ESG culture to clients.
Firms are currently at various stages of readiness with respect to ESG policy in place, the vast majority of them being in the process of creating one.
A successful ESG proposition will build on trust and transparency with clients. Wealth managers will have to demonstrate their ESG values align with those of their clients by making it simple to interpret ESG data and understand the impact on their investments.
To find out more, download the full research paper.
Building on more than 30 years of business expertise, Objectway is a fast-growing international player in the Wealth and Asset Management space empowering clients to embrace their future challenges while providing great performance today. The company is a future-proof technology provider with a well-established track record in the financial services industry.
The group is a Global Top 100 fintech provider (IDC ranking), whose clients include 200+ leading Wealth Managers, Banks, Asset Managers, Fund Managers, Insurers and Outsourcing providers in more than 15 countries. Objectway operates from offices in Italy, UK, Ireland and Belgium serving clients in 4 continents, and supporting approximately 100,000 investment professionals to manage more than £1 trillion in assets.
+39 393 822 9579
Company Website: https://www.objectway.com
About News Direct
Copyright 2020 News Direct Corp.
Subscribe to releases from News Direct
Subscribe to all the latest releases from News Direct by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from News Direct
Velocity Global acquires Shield GEO in second growth transaction this year13.7.2021 15:29:40 EEST | Press release
DENVER / July 13, 2021 05:30 AM Mountain Daylight Time Company continues to scale leading global work platform Follows acquisition of iWorkGlobal in April Combined company serves more than 1,000 brands and over 7,000 supported employees this year DENVER, July 13, 2021 - Velocity Global continues to scale its leading global work platform with the acquisition of Shield GEO, an established global Employer of Record (EoR) provider. This is Velocity Global’s second acquisition this year, after it acquired iWorkGlobal in April. The company deployed capital from the $100 million growth investment from FFL Partners announced in April to complete the transaction. Terms of the deal were not announced. Velocity Global adds scale to its global work platform that simplifies the employer and employee experience. The platform combines the company’s cloud-based workforce management technology, personalized expertise, and unmatched global scale. Users access automated technology as well as partner with
Flying Ship Technologies Secures Sales for Wing-in-Ground-Effect Maritime Vessels9.7.2021 09:23:52 EEST | Press release
NEWS RELEASE BY FLYING SHIP TECHNOLOGIES, CORP. Leesburg, Va. July 08, 2021 01:00 PM Eastern Daylight Time.
U.S. Cotton Trust Protocol Announces Levi Strauss & Co and Their Legacy Brands as New Members7.7.2021 15:33:52 EEST | Press release
NEWS RELEASE BY U.S. COTTON TRUST PROTOCOL. Memphis, TN July 07, 2021 06:02 AM Central Daylight Time. The U.S. Cotton Trust Protocol welcomes new members Levi Strauss & Co, one of the most recognizable denim companies worldwide, and their legacy brands Levi’s®, Dockers®, Denizen® by Levi’s®, and Signature by Levi Strauss & Co.™
UPDATE: Timber Exchange urges exporters to Egypt to prepare for the October transition to the new customs platform28.6.2021 08:35:24 EEST | Press release
With only three months to go before mandatory processing through Egypt's new advanced cargo information (ACI) system goes into effect, Centersource is urging timber exporters to get up to speed.
Timber Exchange urges exporters to Egypt to prepare for July transition to new customs platform23.6.2021 12:59:21 EEST | Press release
With less than two weeks before mandatory processing through Egypt's new advanced cargo information (ACI) system goes into effect, Centersource is urging timber exporters to get up to speed.
Velocity Global acquires iWorkGlobal to accelerate remote work and global expansion platform; receives $100M growth investment from FFL Partners7.4.2021 08:47:48 EEST | Press release
Acquisition creates largest global Employer of Record in 185 countries and 50 United States
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom