- Vibha
- 06 Jun 19
- Investor

Technology, like art, is a soaring exercise of the human imagination being implemented at every step in our daily life
Today technology is reshaping the way of wealth management — from tools which provide financial advice to the kind of advice itself. Individuals and business need to be ambitious and entrepreneurial in implementing these technologies.
The Wealth Management industry today is evolving, and its growth and size (As per a report by Ernst & Young, the wealth management industry is at nearly USD 55,000 billion and is estimated to reach USD 70,000 billion by 2021) make it engaging for investors.
As per the statistics, the Wealth Management industry in India is estimated at nearly INR 100 lakh crore (USD 1.5 trillion) and is expected to double in the next five years, measuring high growth rates. This force is driving Wealth Management players to modify their business strategies, operating models, product and services, and even technology, to stay compatible and compete with FinTech-enabled organisations, shifting customer expectations, and new regulatory regimes.
Numerous wealth management experts are focused on addressing key client lifecycle challenges, the consequences of which have been obstinate and expensive over the years. Today, the wealth management industry is encountering challenges across multiple domains including safe navigation through complex regulatory requirements, creation of customised pitches to clients, prospect identification, clear and insightful client reporting, and improving the hit rate of product pitches without infringing on regulations around the suitability of investments.
The scenario for wealth management enterprises is now open with the onset of transformative digital technologies to get past these challenges with solutions that could result in building a positive customer response and experience, magnified productivity, enhanced compliance, and lesser cost.