Report: The future of digital wealth management

The wealth management industry is facing plenty of changes in 2020

The wealth management industry is facing a period of unprecedented change. Economic turmoil, regulatory variation, customer experience demands, and digital transformation are all shaking the foundations of how firms operate.

Wealth managers stand on the edge of a fundamental change in the way they do business.

High-net-worth individuals (HNWIs) are getting younger by the year, and as their median age dips, their expectations rise.

New customers demand better personalisation. They need niche portfolios tailored to their interests and ways to invest sustainably.

While the wealth manager has perhaps broken free from their once stuffy image, challenges remain when trying to move technologically.

As firms begin to prioritise interaction with customers and better managed experiences, their legacy software remains a challenge.

Wholesale replacement has extraordinary risk in both costs and time, though it may remain a strategic target for many … Read the rest

Talking Biz News Today — July 27, 2020

Some of Monday’s top business news stories: Associated Press As tide turns, retailers that resisted masks relent, by Anne D’Innocenzio Zuckerberg, Bezos, other tech CEOs testify on competition CNN Big chains filed for bankruptcy...

The post Talking Biz News Today — July 27, 2020 appeared first on Talking Biz News.

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Video: Top fintech stories this week – 24 July 2020

The FinTech Futures weekly round-up of the industry’s top stories and developments from across the globe.

This week we cover:

 

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AI and correspondent banking: de-risking doesn’t need to mean goodbye

Correspondent banking represents one of the most vexing dilemmas for financial institutions and those who regulate them.

On the one hand, it has long been a key mechanism for integrating developing countries into the global financial system and giving them access to the capital they need. On the other hand, correspondent banking relationships are inherently risky for the global banks that grant access to the respondent bank’s customers without being able to directly conduct know your customer/customer due diligence (KYC/CDD) checks on them.

It’s not a small problem: make access too easy and you risk allowing billions of illicit funds through your door; cut off the relationships and you starve emerging markets of capital and drive their transactions into the shadows.

Correspondent banking represents one of the most vexing dilemmas for financial institutions and those who regulate them.

To its credit, the Financial Action Task Force (FATF) understands the dilemma … Read the rest