Digital transformation is vital for wealth managers, as consumer expectations are changing, fiscal pressures are tightening, and competition is stiffening. These drivers have been further accelerated by the pandemic. But transformation efforts across the front, middle, and back office can help incumbents get their services up to speed and better compete with fintech wealth managers that are challenging the status quo.
The pandemic has hit lower-income households especially hard. But its effects are being felt across income brackets, and not always in predictable ways—for instance, upper-income consumers are making the biggest spending cuts.