Wealth Management Research Outlook 2023

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Our 2023 Previsory Report lays out a vision for wealth management industry that continues to inform our research. The research agenda for the remainder of the year emphasizes the following themes:

  • Onboarding and workflow automation
  • IT spending prioritization
  • AI and large language models
  • Platform convergence
  • Wealth democratization

Wealth management firms will strive to deliver personalized financial solutions at scale to all customer segments while also elevating the client experience.

To do this, wealth managers must transition to a client-centric business model that focuses on client experience over product offerings. And while this is not a new concept, few wealth managers have made the transition, as it often requires dismantling monolithic legacy infrastructures and developing more modular, scalable platforms that enable differentiated value propositions for all client segments.

Given the uncertainty associated with the economic and geopolitical environment, one might anticipate a slowing in wealth management business and technology initiatives, but Celent believes that wealth managers will need to accelerate their transformation efforts.

Their businesses are becoming increasingly vulnerable to a wider array of competitors. For example, fintechs have already changed the face of wealth management by delivering personalized client engagement models, unbundling the wealth tech stack, and creating strategic partnerships across the ecosystem. Simultaneously, banks and neobanks are blending wealth and banking capabilities under the umbrella of “personal finances” in the race to become the hub for all things financial. Walmart is entering the fintech arena and Fidelity is looking to become a super app for all potential consumer segments.

So, in 2023, the question is no longer what initiatives wealth managers should prioritize, but how to best execute. What technologies will it take to materially evolve toward a client-led enterprise? Here, we present the five core technology building blocks needed to create a new generation of wealth managers.

Celent’s Wealth Management IT Priorities and Strategy in 2023 survey found that wealth managers are focused on becoming more agile, recognizing that they need to adapt their approach. The pace of cloud adoption, surge in activity around AI, and focus on investment product and platform innovation projects demonstrate this shift in attitudes.

The emphasis placed on agility is particularly noteworthy. There are many factors underpinning this, but one of the most fundamental is the cultural change that has been catalyzed by the growth of the fintech sector. Wealth managers are increasingly open about their desire to become more responsive and nimbler, recognizing that they need to adapt their approach.

Further, the survey revealed that that “Generative AI, quantum computing, and metaverse top the list of emerging technologies with which wealth managers are experimenting. At a global level, 45% of wealth managers are currently exploring use cases for Generative AI, and a full 50% have deemed it to be an investment priority.”

Contact us for more information about what we have planned in Q4.

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