Fintech still resonates with disruption in the Wealth Management sector today. One of the most troubling tasks for the CIO of a traditional company is to find the right Fintech company (or companies) to integrate with, to become competitive again in a market that is moving too fast.
The problem for such CIOs is to detect the right company and determine the best approach to use to reach good results.
THE ERA OF THE DIGITIZED CLIENT
Old-style Wealth Management companies realize their clients are digital-savvy. Such clients may not fully master actually digital technologies, nonetheless they ask for a comprehensive digital experience when coming to communication, relationship with their advisor, access to information, documents and so on.
Such capabilities become a differentiating factor that can make a non-properly digitized company lose clients, who flock towards different and more up-to-date offerings.
A NEW GENERATION OF FINTECH COMPANIES
Our CIOs are fortunately in a situation which the right analysis can bring to a bright choice. Today’s Fintech emerging companies aren’t like the very first startups that appeared years ago on the market, full of disrupting potential yet unable to meet expectations.
The Fintech scene is more mature and business-ready today, full of companies with great technology and the ability to deploy it with great results. Objectway is in this league: our current product offering supports client onboarding, investment management, seamless integration with legacy systems, decoupling of the user experience from architectures and engines—essential to ensure the best integration with existing systems in any circumstance.
By the way, Gartner mentions Objectway in the Relationship Manager Productivity category, one of the four key areas where Fintechs Can Impact WM, of its September 2017 Best Practices for WM CIOs to Leverage Fintechs for Competitive Advantage report.
More, our solutions can successfully manage interaction and communication with the client in every phase of the relationship, starting right from the onboarding phase; and they are thoroughly multichannel, ready to lead clients through their Wealth Management digital journeys.
CHOOSE WISELY, CIOs, AS LONG AS YOU CHOOSE
The right Fintech company can really make any venerable Wealth Management business shine again and answer the digital needs of their clients. CIOs just need to take the adequate steps to identify the types of solutions their companies need, which Fintechs can effectively deliver in a tailor-made fashion and which kind of partnership or agreement should be signed to get the maximum advantage.
Time flies, though; events like the impending MIFID II regulation, for instance, call for immediate action. The later a Wealth Management firms prepares for digital, multichannel communication, robo-advisory and a comprehensive strategy to reduce costs while elevating service levels thanks to new technologies, the more likely these firms risk to remain behind the curve and get squeezed in their own market.