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To analyze how investment firms are meeting rapidly changing investor expectations, Deloitte collaborated with ThoughtLab and other industry experts to create a global conducted research to find out how the industry is evolving. Consider the impact of megatrends such as technology, regulation and taxes, competition, demographics, and economics.
The survey results revealed the following:
Diversify your customers
Win with modernization: The changing face of investors demands personalized solutions and a more comprehensive advisor base. Investment firms must leverage technology and data to understand these needs, find market niches, and tailor their services accordingly.
Leverage client diversity: As investors become more diverse in age, location, gender, wealth level, and lifestyle, companies that leverage technology and data can gain a competitive advantage. This includes building a diverse advisor base to serve the diverse needs of our clients.
Realizing Digital 3.0
Redefining digital for investors: Adopt the next generation of digital services by leveraging digital-enabled capabilities for tasks like opening accounts, transferring money, and communicating with advisors.
Innovations to improve performance: By using technology to empower advisors, automate routine tasks, and deliver superior customer experiences, companies can position themselves as digital leaders by seamlessly blending high-tech and high-touch. Masu.
Empowering future advisors: Technology is revolutionizing the role of financial advisors, allowing them to manage larger client bases and provide personalized and comprehensive advice by automating routine tasks.
Strengthen your value proposition
Unleash the wealth curve: Facilitating investment opportunities beyond the wealth level requires the democratization of goods and services. Companies need to offer higher-value options to a wider range of investors, from alternative investments to private banking.
Please reconsider future services. Investment firms need to rethink their services for the next investment era. This includes using digital solutions to reduce costs and providing financial education and tools to make investing accessible to everyone.
Redefining sustainable investing: Investment firms need innovative sustainable products that balance market returns with positive environmental impact and address potential misconceptions.
Adapt your market positioning
Become more efficient with outsourcing: Leverage core activities and increase efficiency by outsourcing middle office and operational functions. This allows providers to serve more clients and operate at lower costs, freeing up resources for strategic focus.
Add value with advisory services: Businesses should consider pay-as-you-go options, reduced fees, and performance-based pricing to increase customer value and attract and retain customers.
Harness the power of data. Personalizing wealth management services at scale requires data. By analyzing multiple data sources, companies can better understand investor preferences and behavior and adjust their market position.
Driving innovation with AI
Unleash wealth management with AI: AI has transformative potential in asset management, improving customer experience and operational efficiency. Companies must adopt an AI-focused approach to business growth.
Power your in-house solution: Consider using AI and low-code tools to build in-house solutions that reduce costs, customize, and differentiate you in the market. Low-code and no-code tools and generative AI will facilitate this transition.
What is clear to us through this research is that new entrants act as catalysts for change and demonstrate what is possible. After all, this industry is capital-intensive, and companies with established investor bases and large balance sheets are likely to come out on top.
The real winners are the end investors and their families, and that should be the main indicator of future success.
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