How Well-Structured is Wealth Management Platform Market?

The core idea of any wealth management platform is to multiply wealth. The more, the merrier. And more of it could lead to a better lifestyle and affluence that most people crave for. For that strategic investment becomes necessary and many would prefer an adept hand than relying on their own mathematical skills. That’s where the wealth management platform comes in. It brings to the forefront a simple method that encapsulates both personal portfolio and necessary advice on the basis of searches. As suggested by Market Research Future (MRFR), the global wealth management platform market could rise to USD 4 billion with an impressive 15% CAGR during the forecast period (2018-2023).

Man Vs. Bot:

It is a tussle to find out which is better, human intelligence or artificial intelligence. Going by the recent trends, the inclusion of AI seems to have sidelined human interference. With digitalization and hi-tech revamps, wealth management has found a platform. It can deliver faster outputs, better predictive analysis, and bring in a lot of information within a snap of a finger. Certainly, it is impossible to match that kind of speed for any human being. But sometimes, experience does speak better than facts. That’s why a complete elimination of the human touch is difficult to process. What gains momentum is a blend or a hybrid advisory model of the factual accuracy of AI and human expertise.

Market Backups:

The foundation is laid on individual growth. The global wealth management platform market can gain well from the increasing high net worth of individuals, which can squarely trigger the rise in disposable income amount. This means more investment and the growing reliance on several wealth management platforms, such as apps and sites are proof of that. In the coming years, the wealth management platform market would profit more by banking on these facilities. These platforms have made the entire process not just simpler but more specific, direct, and provides freedom of choice. Ample technological backup with digitalization and automation and first-grade security are things that increase wealth management platform’s credibility. Its superior performance and efficacy are also expected to provide better customer service owing to which wealth management platforms can diversify and gain more from several sectors such as banking and other financial solutions.

On the flip side, the wealth management platform market’s integration is yet to become unanimous as a lot of people are still trusting human touch more than such platforms.

Step-by-Step Analysis:

To reach the core and get a holistic overview of the wealth management platform market, MRFR segmented the said market by advisory model, business function, end-user, and deployment model. Going by the advisory model, the wealth management platform market includes human advisory, robo-advisory, and hybrid advisory. The robo-advisory segment can thrive more over the review period as its low-cost operation has made it a competitive alternative to retail investment. By business functions, the wealth management platform market comprises accounting, trading management, financial advice management, risk & compliance management, portfolio, client & fund management, reporting, performance management, and others (billing and benchmarking). Based on the deployment model, the wealth management platform market includes on-cloud, and on-premise. Increasing inclusion of cloud in technologies is expected to boost the on-cloud segment. Based on the end-user, the wealth management platform market encompasses banks, trading & exchange firms, investment firms, brokerage firms, asset management firms, and others. The trading & exchange segment is expected to rise with the highest CAGR during the forecast period.

Geographical Outlining:

The region-specific analysis of the wealth management platform market, as discussed in the report of MRFR, has its focus on Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).

The growth of such an extensive market requires good infrastructure and diverse well-grown sectors that could reap the benefit of it. Both are the distinguishing features of North America. The regional infrastructure is state-of-the-art, and the myriad sectors where wealth management platform could serve are equally well-equipped. This makes the sector-wise percolation and revenue generation easier. The regional market is bound to grow at an impressive speed during the forecast period as the demand for new technologies such as robo-advisory models is on the rise. The APAC market is the most alluring at present. The region has several countries with developing economies and they are substantial opportunity providers for market titans.

Competition under the Lens:

Like any other sector, the wealth management platform market is depending much on strategies made by participants for expansion. What sets it apart is its thriving that depends mostly on the financial growth of individuals taking part in the market. Several prominent companies, such as SS&C Technologies (US), Temenos (Switzerland), Comarch (Poland), Objectway (Italy), SEI Investment Company (US), Broadridge Financial Solutions (US), Fiserv Inc. (US), Profile Software (UK), Fidelity National Information Services Inc. (US), Dorsum Investment Software (Hungary), Finantix (Italy), and Invest Edge (US) have shared the onus among them to take the market forward.

What’s the Buzz?

The market is quite abuzz with several developments. Among them, Pintec Technology Holdings Ltd.’s alliance with East West Bank in China could mark a transformation in how people perceive banking service in China. Pintec is planning on applying AI to enhance customer experience.

On the other hand, Sun Life and Maxwell Health have jointly launched a digital platform that would provide round-the-clock service with a distinct focus on medical insurance facilities. Temenos introduced Temenos Data Lake on 2nd April 2019 that would integrate big data analytics and AI to optimize the wealth management platform optimally.

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