Wealth Management IT Priorities and Strategy in 2023

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17 July 2023


To produce our research on Wealth Management IT Spending, we surveyed 215 executives across the globe on including all the major geographical regions: North America, Europe, Asia-Pacific, Middle East and Africa, Central and Latin America.

Data collected from our global respondents provides the foundation for our trend and benchmarking insights. The series covers current and forecasted IT priorities and strategies, IT spend prioritization of emerging technologies (AI, Cloud, Metaverse, Quantum Computing) and a breakdown of IT spending across the platform or ecosystem (front to back office). We also analyze IT spending by region.

This is the first report in our series on Wealth Management IT spending. And we believe it is one of the most comprehensive overviews of IT spending for wealth managers in the industry.

At a high level, we found that despite the challenges posed by the macroeconomic and geo-political environment, wealth management technology spending will grow steadily in 2023. The high-level themes behind this vary between region and financial institution but maintaining compliance and delivering greater organizational speed and agility are the standout topics. Closely linked is the emphasis on product and platform innovations especially around the delivery of personalized investment solutions. 40% of respondents prioritize the integration of alternative investments and other non-traditional investment products as a top product innovation project followed closely by ESG.

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. The pace of cloud adoption, surge in activity around AI, and focus on investment product and platform innovation projects all highlight the scale of this shift in attitudes. Wanalysts