In the dynamic landscape of financial management, WealthTech, an intersection of sophisticated FinTech and wealth management, has emerged as a transformative force. Morningstar hosts their discussion which delves into the essentiality of user engagement through personalised, data-driven experiences and the integration of diverse, high-quality information to maintain a competitive edge.
Throughout this engaging webinar, which features contributions from key figures at Summit Wealth and VentureBeat, they unveil the significance of turnkey portfolio analytics and the ever-growing impact of automated insights and open banking, as they examine the top five trends to watch in the sector.
The webinar featured a decorated panel, with Reed Colley, CEO and co-founder of Summit Wealth, Don McHenry, Senior Product Manager of Morningstar ByAllAccounts, and Greg Miles, VentureBeat, all making their viewpoints known in an enthralling discussion.
Many prominent issues across the WealthTech space were put under the microscope, one interesting topic that was mentioned was regarding the idea that personalisation is the future. The discussion determined that providing a fully encompassing product is now becoming a necessity in the space.
Indeed, Colley also spoke about providing a holistic wealth management experience for a client, stating that the technology means that the job is infinitely less challenging than ten years ago.
He said, “Using all these modern kinds of languages and libraries allows you to build an unparalleled client experience and all of this is really under the lens of driving for better examples and it alludes to something we call humanising in WealthTech.”Colley said, “The big shift is understanding what your clients mission is, what do they value.”
McHenry also spoke about portfolio data analytics in the form of personalisation, affirming that there is now deeper analysis into the make up of their portfolio, in the form of risk management, giving them greater personalisation in their portfolio feedback.
The discussion rumbled on, with numerous future trends being discussed. One potential suggestion was that of a changing of the guard for AI and Machine Learning, with McHenry stating that there was a massive amount of “power and potential that AI has to transform Wealth” as we looked further ahead, onto a five-year forward plan to 2028 and beyond.
If you want to hear more from the distinguished industry experts on what they think the future of WealthTech may hold, you can listen to the full discussion here.
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