Wealth managers see technology as crucial to retain competitive edge – Survey


Wealth managers see the role of technology for maintaining a competitive edge as vital, according to a research conducted by Saxo Markets, the Institutional Division of Saxo Bank, and provider of research services for wealth managers Compeer.

The survey shows that 71% of respondents believe the superior technology of competitors is a threat to attracting new clients, whereas 43% think that competitor technology will hit their ability to retain existing business.

More than 86% of wealth managers surveyed said they viewed a digital strategy as critical to client relations. At the same time, however, only 43% of the respondents provide their clients with digital monitoring of their portfolios. Survey participants also agreed on the emphasis which younger investors place on digital platforms.

Firms were also asked to assess the current level of automation within their business on a scale of 1-5, with 1 being ‘very high’ and 5 being ‘non-existent’. As 43% of firms gave ratings of 4, the survey authors conclude that there are some areas of automation, but that these are somewhat limited.

saxobank-200x145Matteo Cassina, Global Head of Sales, Saxo said:

“This research shows that there is recognition amongst wealth managers that digital channels have a key role to play in engaging clients and growing businesses but they do not currently have the requisite technology or platforms to maximise these opportunities.”

“Banks and asset managers should seek to enhance their client relationships with a digital strategy which can be achieved through outsourcing their technology to third party providers. The challenge is to ensure that the digital strategy covers the full value chain and is omni-channel – channel and device independent.”

Profile of survey respondents:

  • The size of firm by assets under management ranged from £433m to £6.57bn.
  • The number of full-time employees ranged from 41 to 785.
  • All of the firms interviewed offer wealth management services to private clients.

You can find out more about the survey by clicking here.

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Wealth managers see technology as crucial to retain competitive edge – Survey

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