Digital innovation in wealth management



In an era marked by rapid technological advancement, the wealth management industry is undergoing a profound transformation. Today’s wealth management providers play a pivotal role in the financial well-being of an increasingly wide range of customers, across age and income groups, stretching far beyond the global elite.

Wealth managers, entrusted with growing and safeguarding clients’ assets, find themselves at a crossroads. To stay competitive, embracing the digital revolution and reshaping the financial services landscape is imperative. Since the financial crisis hit the markets in 2008, the sector has experienced massive changes, and the pandemic has only accelerated the pace of these changes.

PricewaterhouseCoopers predicts that by 2027, 16 percent of existing asset and wealth management organisations will either be absorbed or fade away as the industry grapples with unprecedented challenges. Factors such as digital transformation, shifting investor expectations, consolidation, and the rise of “retailisation” are gaining prominence amid social, economic, and geopolitical disruptions.

Furthermore, the survey revealed that nearly 90 percent of institutional investors believe disruptive technologies will enhance outcomes and returns from portfolios. Despite this consensus, asset managers face challenges in implementing these technologies effectively, despite widespread investment.

A new mantra is emerging: a digital-first, customer-centric approach. The digital revolution and generational wealth transfer have revolutionised investment strategies. Investors now demand seamless, efficient, and transparent services that provide personalised, data-driven insights and instant access to financial information. As macroeconomic uncertainties intensify, wealth preservation becomes a top priority, requiring the industry to deliver real-time engagement and a customer-centric experience.

The central question for wealth managers becomes: How can profitability be protected, customer value be enhanced, and adaptation to the changing environment be achieved?

In Nigeria, technology-driven investment firms offering dollar-denominated investments are on the rise. Traditional wealth managers are leveraging trends in private equity, digital wealth (WealthTech), and crypto to compete effectively. Data analytics, powered by Artificial Intelligence, offer profound insights into client behaviours, enabling the creation of personalised investment strategies. Digitalised wealth management ecosystems extend the reach of wealth managers globally, enhancing operational efficiency and elevating the client experience.

Coronation is at the forefront, building one of Africa’s leading technology-enabled ecosystems. Our digital-first, customer-centric approach to wealth management is changing the investment landscape for Africans. By catering to the needs of both high-net-worth and price-conscious clients, coronation is creating real-time digital products that address the challenges faced by corporate and retail investors.

KPMG’s 2021 study reveals that a credible digital offering is mandatory for financial services brands to succeed. Today’s best-performing wealth managers are leading the way in digital transformation. However, the sector faces challenges in data use, privacy, and security. As digital engagement with wealth managers increases, modern security tools and programmes should be a top priority.

In conclusion, the global asset and wealth management industry has demonstrated resilience in adapting to changing conditions and evolving investor demands. In Nigeria, a new breed of organisations is emerging — tech-enabled, customer-focused, and operating across a diverse range of assets. By acquiring digital capabilities, wealth managers have the potential to become more customer-centric and grow market share. The digital revolution presents an opportunity for wealth management firms to redefine their roles and thrive in a changing financial landscape in Nigeria. Resisting change risks falling behind modern investor expectations. The digital future of wealth management is here, and those seizing the opportunity will lead the way into a new era of financial prosperity in Africa.

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The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

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      Izaskun Azaldegui

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      I´m Izaskun Azaldegui Alba, a seasoned professional with extensive experience in banking and wealth management.  With over two decades of experience I´ve taken on various managerial roles, demonstrating my leadership abilities and expertise in private banking.  From leading teams effectively to achieving top positions within major national and international financial institutions, my career journey reflects my commitment to excellence and continuous growth in dynamic environments.

      My educational background is comprehensive, including a Master´s degree in Business Administration by Deusto University, certifications, and specialized programs in finance, coaching and management.  Notably, I´ve completed the Executive Program for Women in Senior Management and obtained a Professional Coach Certification, enhancing my leadership and mentoring capabilities.

      My proficiency in multiple languages, including English, French, Basque and a little German has been instrumental in navigating diverse professional environments and building strong relationships with clients and colleagues worldwide.  Moreover, my international experience, particularly in France and the USA, has broadened my perspective and enriched my cultural understanding.

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      Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

      Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

      Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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      Ph. D. in Chinese finance, Master of Financial Engineering, CFP Holder in Taiwan and China, formerly with UBS and UBSS, he has served as an independent director of Shandong International Trust Co., Ltd.(1697.HK), an expert lecturer in the senior management class of the Tsinghua University School of Law China Trust Industry Association, and a Special Lecturer in the CPB Certification Course for internationally certified private bankers. Dr Yen has 25 years of practical experience in the family office (Chinese mainland, the US, Singapore, Hong Kong, Taiwan, Vietnam, Thailand, Malaysia, etc.) , have a deep understanding of the practical problems and obstacles faced by entrepreneurs in Greater China. Dr Yen has also been invited to teach and share on topics related to heritage at China Europe International Business School, Taiwan University, Peking University and Zhejiang University universities.

      Dr. Yen founded the Panhe Family Office in 2013,focuses on family wealth preservation and nheritance, and ticks to the strategy of “buyer” positioning. With taking “Defend, Attack and nheritance” as the main line, he first nitiated “top ten service modules” of family office industry. incubating family SFO methodology and assisting business families to carry out succession project and construct family governance system. Over the years, Dr. Yen has served nearly 300 families in Greater China by combining theory with action. The Panhe Family Office entered into a strategic partnership with the Rockefeller family office in 2018.

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