Five tech trends advisers need to watch
By Kirsten Hastings, 9 Jan 17
Adviser platforms, wealth managers, and financial advisers need to keep five key technology trends in mind as they navigate the ever-shifting financial services landscape, according to Alex Kerry, head of Winterflood Business Services.
Much of the industry is run on old technology still requiring manual entry, which ultimately increases costs for clients.
Collaboration with cutting-edge technology providers will allow wealth managers and new platforms to drive greater efficiencies and deliver cheaper solutions to clients, while creating seamless straight-through processes.
Adopting a best-of-breed approach and creating a fully automated service allows advisers and wealth managers to stay at the forefront of platform innovation. It also allows firms to concentrate on the front-end, client experience and investment strategy.
For example, while you may not have heard of APIs (application programme interfaces), this is radically changing the investing experience. APIs essentially make it easier for firms to share data, allowing digital propositions to create new tools for end-users.
It will help build the next generation of robo-advisers to integrate customer data in providing more interactive savings tools and enhancing investor saving journeys.
As APIs transform the investment world, there will also be big implications for the wealth management industry. The ability of APIs to revolutionise digital products is allowing advisers and wealth managers to innovate and differentiate propositions.
Tags: Investment Strategy
