Wealth management is no longer a spreadsheet-driven initiative with a sole focus on ultra-high-net-worth individuals. The evolution of WealthTech has introduced wealth management to the large pool of customers around median income levels. Modern wealth management solutions are digital natives focusing on customer experience. Risk-based data science is the cornerstone of the wealth tech solution landscape, influencing all key business aspects from portfolio management to customer satisfaction.
Wealth management services have introduced multifaceted challenges to both consultants and solution vendors. Investors expect a modern digital experience, including omnichannel engagement, intuitive data visualizations, and quickly explainable portfolio insights, among others. Competitive landscape translates into consultancies using data science and machine learning algorithms for customer retention, matching consultants to investors, portfolio recommendations, and making the overall customer experience remarkable. Chatbots and Robo-advisory services are some more examples of data science-driven solutions in this space. WealthTech solution vendors must provide white-labeled platforms along with fine-grained administrative controls. And all this while, they must maintain the highest standards of data security and regulatory compliance.