Kidbrooke highlights the three trends in wealth management

Rethinking customer wealth journeys, greater adoption of sustainable finance and more social media engagement among wealth managers were the three main trends in Q4 2020.

Kidbrooke has released its latest video, which covers the three main trends during the fourth quarter of 2020.

The first trend Kidbrooke outlined was the changing way of assessing customer wealth journeys. International Adviser recently stated there were three ways to improve personalised and frictionless user journeys. These were: seamless user onboarding, easy account top up and withdrawal, and account aggregation.

Kidbrooke believes it is account aggregation that will be the most disruptive of these factors. It said, “As more financial institutions open their account information, custom experiences driven by digital financial planning tools become more comprehensive and powerful. In this context, digital analytical tools analysing a holistic picture of the customer’s balance sheets would benefit both the retailers and HNWI-oriented businesses.”

Firms could execute their volume-based strategies more efficiently by reaching a larger number of customers with personalised analytics and actionable insights on their financial situations.

It continued to state that HNWI-oriented financial advisers can use digital tools to assess their customers’ financial position more comprehensively. This would boast enhanced service quality and super-human attention to detail, which would be a “fail-proof differentiating factor.”

The second trend Kidbrooke highlighted was the increased adoption and visibility of sustainable finance and WealthTech. It stated that firms are looking for technological collaborations that can enhance their ESG capabilities.

Later this year, the WealthTech company is joining the overarching sustainability trend through the launch of a joint research project with master students from the Stockholm School of Economics. This project is exploring the mechanism of how climate change scenarios impact the financial markets.

It said, “The research insights will be integrated into our software, expanding the functionality of OutRank to consider various climate change scenarios. Kidbrooke strives for a world of educated financial decisions, and this opportunity is only the start of that transformation.”

The third and final trend outlined by Kidbrooke was that the pandemic has acted as a catalyst for more social media engagement among wealth managers.

Watch the full video here.

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