During the Wealth Tech Morning, Nicolas Pinson, Head of Technology M&A (formerly Head of Wealth Products), co-hosted a workshop on behalf of Amundi Technology in collaboration with Alpha FMC, a leader in Wealth Management consulting. The workshop focused on the strategic choices that private banks and family offices need to make today to meet the needs of tomorrow's private clients.
In 2036, over 50% of private banking clients will be Millennials and Gen-Zers rather than Baby Boomers. Those new clients are also versatile and seek transparency while also expecting personalization, multi-channel access, and impact investing. The COVID-19 pandemic has started the digitalization, but to serve the new customers, there is an urgency to drastically expand and upgrade services offered by private banks and family office.
The target operating model of banks is complex, involving multiple departments and interconnected systems. A complete redesign of the IT ecosystem is incompatible to be on-time to serve those new customers while still being a long term objective. Instead, an outside-in approach is recommended, utilizing satellite systems sitting on top of the complex IT ecosystem consolidating fresh and accurate data delivering actionable information for advisors and therefore ROI.
Data is the key success factor moving forward, essential for client satisfaction in the short term and a prerequisite to build the bank of the future starting with AI.
This vision reflects Amundi Technology's commitment to deliver technology able to better serve client as well as generating revenue in a rapidly changing financial landscape.
To learn more, you can watch the replay here: Workshop Replay.
