JUL 7, 2021

How has WealthTech Become Mainstream?
A Chat with the Fintech Times

David Wilson

Senior Business Development Manager

Reading time: 2 min


As part of the series “The Fintech Times presents”, Objectway was invited as industry expert to discuss, together with Allison Cerra from Alkami, the latest in AI, Smart Banking and Wealthtech by The Fintech Times. Many themes were discussed, ranging from smart banking tools to the latest innovation in Wealthtech, generating a buoyant conversation and confrontation, bringing the parts to exchanging their point of view and providing relevant food for thought.
What has moved the conversation was the discussion on Wealthtech and the most recent innovations. It is possible to identify two main innovations: on one hand digital onboarding and on the other the use of mobile smartphone.

Digital onboarding gave the possibility to engage the prospective client in digital onboarding process, encouraging them to send documents such as passport copies, POA, and more, and the firm can send documents for digital signing.
On the other hand, the use of mobile smartphone has driven delivery of clients’ investment information. Wealthtech has make it easier to access your investment portfolio on your phone that means paper reports delivered once or quarterly per year are phasing out. The whole interaction with your wealth advisor is streamlined and you reduce face to face to the minimum. This can benefit advisor firm by increasing agility and ability to manage more clients.

Wealthtech in the Post-Pandemic: what have we learnt

The discussion then shifted on how Wealthtech has become mainstream. Virtual meeting and collaboration benefited from the pandemic, while previously the client-advisor annual meeting had to happen face to face, now we have had the ability to do virtual meetings via Zoom or Teams but for years everyone resisted especially the advisors. This has meant greater efficiency and the ability to get these burdensome meetings over and done with quicker so that an advisor can spend more time on face-to-face revenue generating activities.

In conclusion, the focus shifted to a subject that is attracting the market’s attention day after day, AI. By analysing how can AI help drive Wealththech forward, three main point arose.

Digital assistants can now recognise changing customers’ needs, by analysing actions, preferences, and the overall background of the customer, or prepare advisors for their daily activities for the week ahead. So that when advisors come into work in the morning, they are presented with their week ahead – meetings are prepared with supporting documentation, suggestions on changes to clients’ portfolios and more.

Then, behavioural and customer understanding, with the help of machine learning.  So that when investors decline a proposal that information is fed back into the data and when the next proposal is sent out it takes that previous choice into account, improving the service provided and maximising the overall satisfaction of the client.

And in conclusion, investment recommendations on the fly and faster.  As the markets evolve throughout the day or week, the changes are applied across the investor base to see which clients might be affected for can take advantage of a trend – AI can do this faster than an individual advisor can research their individual clients.

If you want to know more and have a full look at the event, watch the video