In the World Economic Forum’s newest fintech report prepared in collaboration with Deloitte, three different scenarios are presented that describe how emerging technologies will transform the wealth management industry. Across the scenarios, human advisors continue to play an important role in the wealth management process, although their value and focus is expected to shift substantially. The 197-page report also discusses a wide range of industry scenarios that forecast the impact of fintech across a spectrum of conventional financial services, including payments, insurance and lending.
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What has FinTech brought to the wealth management industry? The short answer is AI. Thompson Reuters suggests that cognitive software platforms, which provide the tools to analyze, organize, access, and provide advisory services based on a range of structured and unstructured data, will attract investment of nearly $2.5 billion in 2017 alone.
How FinTech Is Transforming the Wealth Management Industry
Lets Talk Payments - Elena Mesropyan
RBC InvestEase is another exciting example of Canadian wealth management technology. As barriers to entry continue to lower due to widespread availability of robo-advisor technology, financial institutions are increasingly looking to offer these solutions to their customers. Going forward, it will be interesting to see the divergent strategies of wealth tech innovators and industry incumbents in response to a growing number of competitors.
RBC readies to launch robo-advisor platform - Article - investmentexecutive.com
RBC InvestEase, which will offer automated investment advice and discretionary portfolio management to consumers, is being tested in a pilot project with employees