The future of wealth management

It has been a few years since companies’ embraced digital disruption and embarked on the digital transformation journey to improve their business. It is now time to take stock of how far they have come and what lies ahead in the future. The traditional business approach relied on manual intervention for all processes, and there was little to no automation across their systems.

Business users did not know terms, such as Artificial Intelligence (AI), Robotic Process Automation (RPA), intelligent advisors. But today, these terms or technologies are helping businesses to offer better services to their customers to secure their future.

It extends to the Wealth and Asset Management space as well. Cost pressure, Fintech disruptors, and new digital channels are posing challenges to business. Apart from these, the ever-changing regulations add to the overhead cost concerning wealth management organizations. It is imperative to understand that a system that streamlines the internal processes with a client’s accounts will directly impact the business profitability.

Top 6 Challenges Concerning Wealth Management

• Re-Wired Investors

The current generation of investors has different expectations and look for advice, unlike the previous generation. It has forced advisors to relook their strategies and consider ways to influence older investors with wealth management services.

• New Competition

Every day, new companies are cropping up, disrupting the wealth management space. It is therefore essential to look at changing the business models to fight competition and retain customers.

• Big Data & Analysis

Big data and advanced analytics are the key focus for any business, more so for wealth management. Advisors need to create new methods to engage with their customers to build trust, gain insight, and manage their relationships and risks.

• Aging Advisors & Subsequent Transfer of Wealth

There are two prevalent trends today – 

1. a) Advisors are aging and moving out of the industry, and
2. b) Wealth is changing hands, which will disrupt the already established client/advisor relationship.

• Increasing Costs of Risk and Increasing Regulators

Increasing regulatory norms adds to the rising cost of risk posing a challenge to wealth management companies.

• Riding the Retirement Wave

Advisors need to constantly monitor their client base for retirement possibilities and planning for the future.  

Neutrinos – Wealth Management Solutions

Neutrinos offers a range of Wealth Management Solutions crafted to enhance client service levels, adhere to compliance, boost internal employee productivity, and efficiency while optimizing IT and operational costs.

The competitive edge of Neutrinos’ Wealth Management solution lies in the unique combination of functions that support traditional methods of maintaining the bank-customer relationship with an innovative digital approach towards wealth management products and services. 

Our solutions encompass personal investment advisory (portfolio management), fully automated and connected service using AI and ML capabilities by constantly considering the customer’s preferences and business model.

Key Capabilities & Differentiators

Main Advantages of Neutrinos Solutions

• Guidance through the entire journey
• Quick and instant access to the investment portfolio
• Paperless flow and one-click digital processes
• Digital platforms to migrate legacy systems while keeping the backend data source and business logic intact. The migrated application can take advantage of the modern UX and user interface that most low code platforms provide out of the box. 
• Internet of Things (IoT), Mobile apps with Payment Gateways integrated, Artificial Intelligence (AI) applied to decision making, email, and Chatbots.
• Personalized products and services
• Real-time updates 
• Meeting customer demands and offering high levels of service
• Data aggregation functionalities, such as view, update, and visualize database tables without having to write any code
• Manage changes in regulations and fraud prevention

Neutrinos Expertise

Neutrinos’ Low-Code Platform adds value in building an application rapidly to fetch data from multiple data sources, such as databases, APIs, Custom Business Logic, files, legacy apps, and external services. It also creates web and mobile-ready dashboards, real-time data insights, live data grids, and live lists that give immediate visibility into business performance. 

Read more about the features and benefits of our low-code platform here. 

We have been working with financial & investment companies helping them redefine their business processes and customer management. To understand how you can achieve digital transformation in the banking sector, check out our Fintech Solutions.

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