15 June 2020
Issue #206 of the Fintech Analyst Report looks at the North American wealth sector, how digital-first approaches are being accelerated and the adoption of open-core banking.
In times of great uncertainty, strong and stable financial advice is crucial. But wealth management businesses themselves face troubling times, as even an industry coming in strong faces long-term issues.
Omdia: Wealth management tech spend forecast
Digitalisation was moving along at pace in the wealth management sector pre-pandemic. But social distancing and remote working has further shaken up tech spending.
As consumers are increasingly driven to digital channels during the current pandemic, FIs must quickly address the lag on the migration of banking activities to online and mobile.
The global pandemic is causing banks to look at rapid investments. AI-related solutions are key to bolster their digital self-service offerings – though many customers have yet to fully embrace these.
Improving data management is a journey. The first step is increasing the reusability of data through standardisation and normalisation of data definitions, formats, and models across the business.
Bank CIOs will continue to approach open-core banking as the primary digitalisation enabler, shifting from a tactical use of fintechs toward building a holistic API ecosystem approach.
As digital challengers turn up the heat, incumbents are increasingly consolidating their data assets. DBS Bank’s undertaking to become an insights-driven organisation is a convincing method of doing so.
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