Wealth management IT spending is accelerating in 2024. Firms across the globe report mounting competitive threats, an increasing focus on speed and agility, and a growing need to modernize legacy technology.
To shed light on the business pressures and technology priorities of the wealth management industry, Celent has completed its second annual global survey of senior wealth management executives: The Celent Dimensions Survey 2024. This study captures the insights and opinions of 204 respondents from around the world to provide an in-depth view into the drivers of IT spending across the industry, as well as the leading technology and investment priorities for the year ahead.
Key findings include:
- 70% of wealth management firms agree that automating advisor workflows and delivering personalized client experiences are core priorities for 2024.
- 69% are moving more business-critical workloads to the public cloud in the next 18 months.
- 60% of firms are either live, piloting, or experimenting with generative AI.
- 36% of wealth managers' IT budgets go toward the front office - the largest allocation area.
- 24% report that meeting compliance and regulatory requirements is their number one driver of IT spending strategy - the top answer among respondents.
We recorded a corresponding webinar for this research on May 21. You can watch it on-demand today.
