A recent report commissioned by Mobiquity has underlined the key priorities for UK wealth managers at this current time.
The report found that 38% of wealth managers cited meeting customer expectations due to Covid-19 as a boardroom priority, while 37% said defending against cyber threats and strengthening customer experience was also a key priority for UK wealth managers.
Mobiquity also discovered that digital technologies are a big part of the response to such challenges, with 79% of wealth managers citing digital technologies have improved their customer engagement strategy and their experiences with clients. Up to 56% of UK wealth managers reporting seeing increased client demand for digital products and services due to the pandemic.
Many of the surveyed UK wealth managers said they were also leveraging digital technologies to improve client services, with almost half – 47% – stating they were using a client wealth management dashboard on a mobile portal, while 36% claim to be using video conferencing, 32% using open banking and 24% leveraging conversational chatbot AI.
Despite these positive steps for the WealthTech industry, the survey found that there were still significant barriers to adoption of wealth technology. Close to a quarter – 23% – of surveyed wealth managers said they do not have plans to adopt technology in the future, with the main barriers including privacy concerns at 35%, risk and compliance at 32%, internet connectivity at 31% and technological implementation time taking too long also at 31%.
Mobiquity VP of global financial services Matthew Williamson said, “The wealth management landscape has been ripe for digital disruption for some time. While challenges still exist in implementing digital technologies, the benefits outweigh the barriers. Recently, the sector has seen a paradigm shift, driven by changing client expectations, demographic changes, regulatory pressures and increased competition.
“It’s great that in the UK wealth managers are getting ahead of the curve when it comes to harnessing digital innovation, to improve client servicing and respond to customer demand driven by a COVID-19 environment. Our research shows that UK wealth managers are using wealth tech for over half the working month, including video conference, artificial intelligence, open banking, client dashboard mobile, client dashboard web and conversational chatbots.
“As wealth managers continue to adopt technologies such as client wealth management dashboards, video conferencing and artificial intelligence, to improve client engagement, they must also ensure they have a robust security framework that keeps both company and customer data secure.â€
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