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FinTech and the Global Wealth Management Industry

In: Transformation Dynamics in FinTech An Open Innovation Ecosystem Outlook

Author

Listed:
  • Noel Finck
  • Meredith Bowden
  • Fiona Carter
  • Crag Carttling
  • Vincenzo Lorefice
  • Jeffrey Vanderveen

Abstract

The global Wealth Management industry is changing fast and incumbents need to anticipate and react in order to be successful. Led by a significant rise in wealth in Asia, changing customer preferences, and digital transformation post the global financial crisis, open business models will assist innovative companies in creating tailored solutions for their new customer segments. New customer segments among women, millennials, and cross-border require new services aided by digital technology and are customer-centric and values-based, not just focused on investment returns.Business models should be underpinned by a hybrid offering of digital services with a strong focus on human relationships. Systems, processes, and structures must ensure agility, innovation, and efficiency in order to continue to compete in this environment and be ready for ongoing technology-led disruption.Technology-led disruption and involving customers in the value creation process using the Lean methodology and value co-creation can be used in order to understand and increase customer value. FinTech should be simple and responsive and designed to augment human advisors.

Suggested Citation

  • Noel Finck & Meredith Bowden & Fiona Carter & Crag Carttling & Vincenzo Lorefice & Jeffrey Vanderveen, 2021. "FinTech and the Global Wealth Management Industry," World Scientific Book Chapters, in: Dimitrios Salampasis & Anne-Laure Mention (ed.), Transformation Dynamics in FinTech An Open Innovation Ecosystem Outlook, chapter 8, pages 205-245, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811239731_0008
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    More about this item

    Keywords

    FinTech; Open Innovation; Financial Services; Ecosystems; Innovation Management; Banking and Finance; Technology Management; Emerging Technologies;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G2 - Financial Economics - - Financial Institutions and Services

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