Five tech risks wealth managers can turn into opportunity
By Tom Carnegie, 23 Aug 18
Wealth managers need to look at ways of embracing technology rather than viewing it as a threat
Click through the slides below to see the top tips
While disruptive technologies have recently garnered significant attention in the financial services industry, thanks to the rapid proliferation of fintech startups, disruption is not new, Russell said.
“Motorways threatened the trainlines, and on-demand TV content providers upset traditional television. Innovation is around every corner,” he said.
The biggest threat from the recent growth of fintechs, Russell said, is their ability to fail quickly and use that failure to adapt and move on.
“They embrace a culture of learning through failure without fear. Traditional wealth management firms need to determine how to adopt this ‘no fear’ approach to change and embrace new technology, while operating inside a heavily regulated environment,” he said.
