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Veritran: Technology’s Lasting Impact on Wealth Management

As digital transformation accelerates, it becomes imperative for traditional banking and wealth management sectors to adapt and innovate. This shift is largely driven by consumer expectations for more accessible, efficient, and personalised financial services.

Addressing this issue is Greynier Fuentes, VP of sales and digital strategies at Veritran, a digital tech company on a mission to simplify banking experiences with clients across Latin America, North America, and Europe.

At Veritran, Fuentes has played a pivotal role in the company’s growth, including in its US launch and the development of its global partnership programme. Here, he discusses how fintech is impacting wealth management with AI and automation.

Greynier Fuentes, VP of sales and digital strategies at Veritran,
Greynier Fuentes, VP of sales and digital strategies at Veritran

As the world becomes more digitised by the day, consumers are demanding digital products and services in all aspects of their life, including their finances. In fact, the majority of consumers (71 per cent) prefer to use a mobile app or computer when managing their finances, according to a recent study.

As a result, banks have implemented new technologies to take their existing services to the next level and meet changing consumer demands.

Despite being one of the oldest industries within financial services, wealth management is one of the most evolved. This is largely due to impact of financial technology (fintech) which has disrupted the industry, bringing about new, innovative solutions.

Fintech is enhancing wealth management by incorporating AI and automation into daily tasks, creating efficiencies and saving time, making wealth management more accessible to a wider audience and even enabling community banks to expand their offerings through partnerships with tech vendors. Read on to learn more about the 3 biggest impacts fintech has had on wealth management.

Integrating technology to create efficiencies

Artificial intelligence, automation and data analytics are personalising the customer experience to drive brand loyalty across all aspects of banking. AI-powered wealth management leverages existing customer data and can learn from new user interactions on a daily basis. It reveals patterns in user behaviour and can make financial recommendations in areas like risk management, portfolio optimisation and even market behaviour predictions.

This level of understanding goes deeper than human ability and allows banks to offer a personalised wealth management experience to each of their customers. AI-powered wealth management software can also greatly improve the effectiveness of the customer and advisor relationship. By automating back-office tasks, financial advisors have more time to spend with their client which in turn deepens the relationship. A recent Arizent survey found nearly 90 per cent of wealth managers believe AI will benefit their industry, and 81 per cent plan to leverage AI to support their business in 2024.

The shift to digital wealth management also gives customers the ability to instantly access their wealth management portfolios anywhere and at any time. Thanks to new technology, customers can request immediate advice and assistance, make trades, view their portfolios and manage their assets and investments outside of working hours with the tap of button.

Increasing accessibility

Digitised wealth management has greatly increased accessibility for consumers of all types. In the past, wealth management was a service targeted for high-net-worth individuals. Leveraging digital tools reduces advisors’ operating costs, allowing them to offer their wealth management services to customers at a lower price.

The introduction of roboadvisors and chatbots have also simplified the process of getting started and new technology has opened the door to younger investors. People of all ages are now able to invest with less money and in just a few clicks.

Driving tech vendor and bank partnerships

Currently, one-in-three financial institutions offer wealth management services. This is due to a lack of critical resources among small and mid-sized banks. Developing tailored solutions and building the technology needed to provide digital wealth management services to customers can cost banks a fortune and requires the recruitment of a new team and allocation of time for education, among other necessities.

Through partnerships with technology vendors, like Veritran, banks can access digital wealth management solutions, tailor the pre-existing, market-ready solutions to fit their exact needs and offer them to their customers. Because these solutions are already developed, they typically have result in quick implementation and reduced operating costs. By outsourcing their wealth management solutions, banks face minimal operational and technical demands while reaping the full benefits of an in-house wealth solution.

Financial technology’s impact on wealth management has driven innovation and increased efficiencies while also making the services more accessible to a wider audience. Through partnerships with technology vendors, community banks can access these tools and reap the benefits to foster sustained, long-term growth.


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