According to a November 2020 survey from FactSet in association with global professional services firm Aon, 54% of HNW clients’ wealth management activities worldwide took place online during the height of the pandemic. And 50% of respondents said that digital wealth management is a better use of their time. But too much digital can alienate HNW clients.

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More than a third of US investors believe people will stop using cash sometime in the next five years, with 12% of those investors expecting this change to come within a year.

More than half of US adults were first taught about investing by either themselves or nobody.

The growth of investment robo-advisors—algorithm-based account services—spiked last year across the US, the UK, and Canada as investors, especially those belonging to younger populations, took advantage of investment opportunities during the pandemic. For instance, independent robo-advisors Wealthfront and Betterment both reported double-digit increases in account openings during the pandemic.

The pandemic increased digital channel use in wealth management, and a race to the bottom on fees coupled with the demographic shift to younger and more tech-savvy clients magnified FIs’ need to acquire better tech capabilities, per an Insider Intelligence report.

Capgemini found a growing share of consumers would be willing to access insurance and wealth management services from such platforms, for example. But the Facebook outage underscores that, for the time being, it still lacks the infrastructure, regulatory oversight, and even sufficient know-how to fully take on banks and fintechs at their own game.

It’s also planning to add new services, including SMB banking, consumer finance, wealth management, and even insurance. Last week, it started letting customers use their Curve cards to buy crypto from select platforms, like Coinbase and Kraken. Despite the widening losses, its product expansion may eventually put it in the green.

Looking forward, he shared, the bank is “focusing quite a lot more on wealth [management] and insurance, and specifically how that manifests itself in the mobile experience.”. Personalization and embedded banking are top-of-mind for the future.

The bank introduced self-service kiosks with digital devices to one of its branches, and repurposed branch employees to help with more complex services, such as technology assistance, lines of credit, and wealth management.