Community banks that now focus on financial planning as the hub of their wealth management offerings can more easily attract and retain new customers, as well as create loyalty and cross-sell opportunities. However, without a strategic vision – or the right technology – to fully support financial planning functions, it could prove a greater weakness than opportunity.
As the great wealth transfer approaches, the wealth management industry is poised to see amazing growth and expansion, but with this rush of new customers comes new and bigger expectations, especially around technology, data transparency, control and convenience. Wealth managers are likely to face intense competition as the overall industry is primed for outsized growth.
Following the financial crisis, many community banks experienced years of stagnated growth, if not full retreat. But now, with the right strategic vision and technology partnerships, community banks have a rare opportunity to quickly catch up to digital front-runners and win over a whole new generation of customers. FIS’ exclusive analysis reveals several growth strategies likely to produce results.
More than ever before, the wealth industry is in constant flux as it adapts to diverse investor needs and digital disruption. This evolution has increased competition and enhanced portability of assets, requiring wealth managers to deliver a higher level of service to keep pace. The necessity to serve investors through the digital channel is obvious; in this white paper, FIS recommends three areas where wealth managers can significantly improve the digital customer experience while driving revenue and lowering expenses.