The COVID-19 crisis is transforming financial services with wealth management perhaps facing the most significant changes. The market is overdue for a digital shift, driven by increasing sophistication of investment strategies, younger investors who prefer to manage their wealth differently than prior generations, and emerging Fintechs seeking to grab market share from traditional wealth and asset managers by exploiting gaps and offering more innovative services and convenient client experiences.
That shift has begun – a recent report shows a 7 to 10x increase in client engagement across digital channels among leading wealth managers in Q1 2020.
“Client interactions are quickly becoming fully digitally enabled,” according to Deloitte. “Critical business workflows are being digitized to enable changes in both client behavior and accommodate field personnel working remotely.”
That’s where Open Finance comes in.
Open Finance: A New Way to Interact with Investors
Open Finance’s promise is simple: Anything investors can do by meeting in-person or speaking with their advisor over the phone, they should also be able to do using any app, software solution, or online portal or service.
COVID-19 creates some urgency around this flexibility for wealth managers. Accenture predicts this will force leaders to mothball some initiatives in favor of doubling down on important areas: digital investments to ensure client-facing activities are as productive as possible and ensuring day-to-day operations are moving as smoothly as possible under these challenging circumstances.”
Delivering Value, Not Just Visibility
The benefits are far broader than simply helping wealth managers adapt to the COVID-driven business environment and making investment data easier to access. True Open Finance delivers more than just a single, unified view of all holdings (including esoteric assets like art and aircraft). It also streamlines client experiences by digitally enabling a range of interactions through any third-party app or solution – from account opening and onboarding to transaction execution, portfolio rebalancing, and more.
About Ninth Wave
Ninth Wave delivers secure, seamless, and standardized data connectivity to fintechs and financial institutions of all sizes, through a single point of direct integration to a universal suite of open finance APIs. With configurable controls, visibility, and insights into all data sharing and data acquisition connections between aggregators, third-party apps, and internal applications, Ninth Wave empowers financial institutions and their customers with access and oversight to their connected apps, enabling secure data exchange in a holistic and scalable open finance ecosystem. Offering solutions for retail and commercial banks, wealth managers, credit card issuers, tax providers, and more, Ninth Wave provides unparalleled connectivity and universal compatibility to complex information systems, unlocking innovation, potential, and performance for your data. Contact us to earn more about Ninth Wave’s secure data connectivity features. Empowering open finance. At scale, at last.