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Wealth Management: The Part that Big Techs play

The world is on the cusp of a technological revolution. Times are changing, as technology is constantly evolving and advancing, hence increasing our extent of dependence on it. This is true for every facet of life, whether it be social interactions, business communications, business models, financing, and even Wealth Management.

Over the years, wealth management has taken precedence, while being on the verge of a digital progression. Gone are the days when appeasing a client with a mere spreadsheet of past data was considered sufficient. Instead, consumers today are becoming increasingly involved in the management of their assets and expect a highly personalized service, with an even higher level of technical sophistication. They want online tools and mobile functionality, as well as an excellent customer acquaintance, that is both, agreeable and instinctive.

Therefore, wealth managers should acquaint themselves with successive technologies and amalgamate present-day schemes into their operations to better rationalize and manage their clients' assets and investments. Clients, on the other hand, are simultaneously expected to assume a level of assistance that feels both concrete and high-tech.

Technology and Wealth Management - A match made in heaven

With technology digging its claws in and taking hold of several aspects of wealth management, it is thought necessary to observe how technology is surely and successfully transforming wealth management.

Sales support:

Implementing technological advancements in their selling process, wealth managers are entrancing clients with the advent of tablet apps to aid in client meetings. Thus, engaging in a smart, adaptive, and interactive sales process, while consolidating all relevant sales functions in a single platform.

Predicting the future:

Compiling databases manually in a spreadsheet and creating numerical analysis with the help of basic calculations has become a thing of the past. Now, the next wave of computational tools has become a player in the wealth management sector.

•    Artificial Intelligence (AI):  One of the exceptional benefits to using technology, or specifically AI, is its aptness to process gigantic amounts of information at a time. What would usually take a human financial wealth management advisor weeks or months, an AI system can do in a matter of hours or days. In genuineness, a machine is able to create a far more precise possible outcome than a human.

Customer service:

When businesses expand, they consequently face the threat of keeping up with customer demands. With more business comes more customer paranoia, regardless of what kind of product the business is dealing in. Often, companies hire new staff without offering them adequate training. AI can favour this aspect and make hiring new staff a significantly easier process.


Automation is the foremost dimension that comes to mind when talking about fine tech and its adoption across the establishment. Considering the predictions made by financial analysts, automated financial applications and services will manage around 10% of the global funds under management (FUM) by 2020.

Advanced technology

At the core of investing lies the belief that investment in any listed stock is not just another purchase, but a stake in the business itself, to addendum profits. Therefore, regardless of the school of thought – Value Investing or Speculation – the investment decision hinges on inputs; explicit inputs. This is where advanced technology plays a crucial role. The accuracy in reporting credentials courtesy of technological advancements facilitate advisors' sales with ‘data supported’ decisions, thereby saving time and costs.


The competency to innovate rapidly and effectively is turning into a nucleus asset. Examples of digital transformation within wealth management span the total value-chain, from the client’s boarding to fulfillment and trading. In Asia, a wealth manager has introduced a suite of digital banking mechanism for tablets and smartphones. The app delivers personalized content and trading tools for multichannel collaboration. This is part of the transformation of wealth management through digital technology.

In conclusion, it can be safely derived that wealth management companies and advisors who learn to leverage technology while going about their respective client-related processes will notably prosper and benefit from competitive advantage over the market for years to come.