Banks face growing pressure from shareholders and customers to take more action on sustainability. While transitioning to a greener business model will be challenging, banks have a plethora of strategies to choose from.
With $68 trillion in assets set to transfer to younger generations over the next 30 years, wealth managers who target high-net-worth individuals (HNWIs) must adapt by using digital solutions to enhance their existing white-glove services—not replace them.
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.