The growth imperative:
Top strategies for the next 12 months
These are the strategies the industry is focusing on, but what is the best way to carry them out?
First and foremost, you need to optimize your platform technology and data strategy. Then you can process at scale and create personalized experiences – all while ensuring you are compliant, cost competitive and secure.
To confront these challenges and future-proof your growth models, you must take three actions:
Unleash the power
of advanced analytics and AI
You may be convinced that data and analytics tools hold the key to unlocking better decision-making in the front office, but you need modernized technology first. Artificial intelligence (AI) and machine learning tools offer compelling benefits as you seek to extract more data and maximize its potential.
43%
of wealth and retirement firms will invest in enhanced analytics to drive competitiveness in the year ahead
Why firms are investing in AI and machine learning
Focus on
the experience
An innovative client experience is a crucial differentiator. Clients expect to be able to manage their accounts using any channel they want, whenever they want. How will you meet that challenge – while managing cost?
57%
of wealth and retirement firms will spend more on front-office technology in the next 12 months
Where are firms most concerned about their effectiveness?
40%
Wealth management
are not sure they can deliver a strong digital experience
39%
Retirement
are focusing on how customized products can meet heightened customer expectations
Embrace cloud and BPaaS
for agility and scalability
As wealth and retirement firms seek to build more comprehensive and responsive risk management capabilities – including cybersecurity – they are increasing their reliance on cloud-based applications and turning to Business Process as a Service (BPaaS) providers. These scalable solutions also give you a flexible environment for implementing technologies that drive growth.
36%
of wealth and retirement firms plan to shift to a more cost-effective operating model, such as managed services or BPaaS, in the next 12 months
Where firms are most likely to increase their reliance on cloud
Wealth management
1
Risk management
2
Custody and clearing
3
Client reporting
Retirement
1
Risk management
2
Compliance management
3
Regulatory reporting
Where firms are most likely to shift to BPaaS
Wealth management
1
Trading and/or portfolio and order management
2
Investment book of record
3
Compliance management
Retirement
1
Risk management
2
Compliance management
3
Administration and accounting
