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How FinTech is shaping asset and wealth management

Listen to PwC's Julien Courbe and Michael Raneri discuss how FinTech is shaping the asset and wealth management industry, and what new industry trends asset managers need to consider. 

Too lax about the FinTech disruption

All financial sector survey participants viewed asset and wealth management as the third most likely sector to be disrupted. From a wider perspective, customer banking and fund transfer & payments industries offer palpable examples of how FinTechs are changing the financial sector with new offerings. They rank top among sectors most prone to the FinTech disruption, and are already visibly disturbed. Asset and wealth managers are next in line to experience the game-changing impact that start-ups will have on the financial industry.

Not yet ready to address changing needs

A vast majority of asset and wealth managers (75%) view the impact of FinTech predominantly as the need to adapt to changing customer needs, while 50% (more than any other financial sector) think new entrants can enhance interactions and help build trusted relationships (figure 3). Firms do not, however, prioritise these types of investments, preferring instead to focus on investments around analytics and automatic asset allocation.

Focusing on data analytics and automation

While sceptical, asset and wealth managers are still investing in new technologies. They believe that FinTechs have the biggest potential to improve customer experience, but most of their actual interest is focused on data analytics and automation of asset allocation, areas typically associated with “robo-advisors”.

The FinTech mind-set is still in its infancy

Only 45% of AWMs agree that they place FinTech at the heart of their strategy, while the majority admit that their FinTech-focused strategy is being only partially adopted. This makes it difficult for incumbents to understand and take advantage of trending FinTech developments that are reshaping the market.

Contact us

Manoj Kashyap

Global FinTech leader, PwC United States

Tel: +91 226 669 1888

Steve Davies

Steve Davies

Global Blockchain Leader, PwC United Kingdom

Tel: +44 (0) 131 260 4129

John Shipman

John Shipman

APAC FinTech Leader

Tel: +61 (2) 8266 0198

Julien Courbe

US FS Leader, PwC United States

Tel: + 1 646 471 4771

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John  Garvey

John Garvey

Global Financial Services Leader Principal, PwC United States

Tel: +1 646 471 2422

Olwyn Alexander

Olwyn Alexander

Global Asset and Wealth Management Leader, Partner, PwC Ireland (Republic of)

Tel: +353 (0) 1 792 8719

Kurtis Babczenko

Kurtis Babczenko

Global Banking and Capital Markets Leader, and US Finance Transformation Leader, PwC United States

Jim Bichard

Jim Bichard

Global Insurance Leader, Partner, PwC United Kingdom

Tel: +44 (0) 7841 562 560