Wealth Management Research Outlook 2020

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COVID-19 has upended our personal and professional lives. In the space of weeks, the virus has brought to an end a bull market, spurred the contraction of asset values and forced the reinvention of staffing and servicing models. The pace of change is unprecedented. Decisions taken over years must now be implemented in months, with implications for the entire wealth management value chain.

Collaboration between financial institutions and vendors will be critical. Firms must leverage the resources at their disposal, from CRM to CLM to compliance to human resources, to engage and support their clients. Cybersecurity and collaboration tools for remote work will be immediate needs. Longer term, the cloud and API’s will serve as levers for improved costing and flexible consumption of data. Differentiation in the current environment will require a forward looking outlook: robotic process automation can help drive efficiency and deliver a 360 degree view of the client. The most robust platforms are embracing elements of machine learning and even virtual reality technology to tease new insights from data.

Technology must be measured in terms of business objectives, value and impact, and be scalable enough to incorporate future initiatives. Celent is committed to helping our clients assess and anticipate shifts in the financial services ecosystem, from changes in client behavior and regulation to the emergence of new delivery channels. We share thoughts daily with financial institutions and technology partners around the world and are developing a host of new perspectives, updated regularly, to inform your strategic decisions. Check out our Covid-19 response page for more.

Our clients have access to our insights through traditional channels – reports, blogs, analyst access – and new media, like interactive virtual roundtables and snap polls. Because Celent is part of a larger organization, Oliver Wyman and Marsh & McClennan Companies (MMC), you have access to our collective thought leadership in areas ranging from epidemiology (Oliver Wyman), to risk and crisis management (Marsh), and human resource implications (Mercer).

One thing is certain: none of us can go it alone. As you face hard decisions in the areas of technology and vendor relationships, as you respond to government initiatives, cost pressures and the changing needs of your clients, Celent will be here to support you. COVID-19 has delivered a sudden and pervasive shock felt across every aspect of our personal and professional lives. In financial services, we used to say that there were very few changes that looked like hockey sticks; that observation is now out the window. The Coronavirus will accelerate trends that had been simmering, rapidly bringing them to a boil and demanding strategic responses in months, rather than the years firms used to have.

Contact us for more information about what we have planned in Q3.

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