Advisers can no longer ignore the demand to digitally transform in order to drive growth and meet their customers' increasing demands for an on-demand, personalised experience. Updating an existing technology infrastructure can be daunting—especially when it's strategically the best course of action and you don't know where to start. But when carefully considering how to align technology and business strategies and build an implementation roadmap, the path forward becomes clearer and manageable, writes Jim London
The pace of digital transformation is accelerating, and firms face increased margin pressures and look to technology to enable increased productivity, whilst also delivering scalability to support future growth. From disparate systems to legacy technology, identifying where to start can be overwhelming in the midst of challenges. Research suggests wealth management firms that embrace digital transformation will see benefits across their businesses. They are expected to experience, on average, a nearly 14% increase in productivity, 8.1% increase in assets under management, and 7.7% increa...
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