- New report reveals private wealth clients now expect firms to adopt similar technology to retail banks such as mobile apps and portals
- However, half of respondents believe the private wealth sector is behind retail banking in terms of adoption of innovative technology
- Just 15% think they are in danger of falling even further behind and 40% believe they are closing the gap
- Over a third (38%) of firms surveyed admit they struggle to keep up with latest tech innovations
Intertrust's new research conducted among private wealth professionals has revealed that clients now expect firms to adopt similar technologies to retail banks, such as mobile apps and portals. Almost half of all respondents to the research believe that clients now expect their wealth managers to actively invest in improving their technology, suggesting that ease of use and accessibility are now key criteria in selecting a private wealth firm.
The impact of business-to-consumer ecommerce on setting private client expectations is key. Survey respondents say clients expect quicker, more engaging and more responsive service levels as well as the ability to review and amend their account in real time using online platforms.
Despite this, while more than half of respondents admit the private wealth and banking sectors have fallen behind retail banking in terms of adoption of innovative technology, just 15% think they are in danger of falling even further behind and 40% believe they are closing the gap.
Ian Rumens, Global Head of Private Wealth, Intertrust says;
"The private wealth industry is often viewed as one of
financial services' most traditional sectors, but there is
evidence that changes driven by client expectations are gathering
pace and encouraging firms to adopt similar technologies to retail
banks, such as mobile apps and portals. However, while respondents
to our survey believe the gap between private and retail banking is
closing, more than a third admit they struggle to keep up with the
"This presents cause for concern as not only are wealth management firms facing pressure from clients to update technology, they also need to use it to tackle an ever-changing and demanding regulatory regime. The industry is clearly in need of guidance and firms would be well advised to act now to avoid becoming too complacent."
Click here to find out more about our latest research report on Disruptive Technology in Financial Services.
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