The changing Connectivity between Asset & Wealth managers and end-Customers

TL;DR

Open banking leads the way for open wealth, focusing on customer eccentricity and partnership transformation.

Transcript

hopefully you could refresh a little bit you go to the second round hopefully it's still very informative as well and for the next person AV I can introduce um probably no introduction is really needed so she's really um you just gave me the latest number on LinkedIn 200 000 followers so she's definitely one of the big Global fintech and Tech influ... Read More

Key Insights

• 🤗 Open banking's success in consumer banking serves as a model for open wealth principles.
• 🤗 Customer-centricity and customization are at the core of open wealth practices.
• 🤗 Affinity banking models offer insights into potential strategies for open wealth to serve niche customer groups.
• ✋ Challenges of serving underserved customer segments like high earners present opportunities for innovation.
• 🤗 The evolution of the relationship between asset managers and wealth managers towards partnerships is vital for open wealth success.
• 🤗 The role of technology, specifically APIs, is instrumental in enabling collaboration and customization in open wealth practices.
• 📼 Asset managers need to reevaluate their criteria for selecting asset managers in an open wealth landscape.

Questions & Answers

Q: How is open banking paving the way for open wealth?

Open banking's focus on customer-centricity and customized services is setting the stage for open wealth, challenging wealth managers to adapt to evolving customer needs and values.

Q: What opportunities are presented by open wealth for serving underserved customer segments?

Open wealth presents opportunities to serve high earners not yet wealthy and affinity groups through innovative financial products tailored to their specific needs.

Q: How can the relationship between asset managers and wealth managers evolve in the open wealth era?

The relationship between asset managers and wealth managers needs to shift towards a partnership model, with a focus on data enabling each other to co-create customized financial solutions for clients.

Q: How is technology like APIs impacting the evolution of open wealth practices?

APIs are playing a crucial role in enabling seamless communication and collaboration between wealth managers and asset managers, facilitating the creation of customized financial solutions for clients.

Summary & Key Takeaways

• The speaker, a seasoned Wall Street professional, discusses the evolution from proprietary to open culture in the finance industry.

• Open banking has penetrated consumer banking, leading to customer-centric services and customized financial products.

• The shift towards open wealth presents challenges and opportunities for wealth managers to adapt to changing customer expectations and values.