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Accelerating Digital Transformation in Wealth Management

 

Kuldeep Shrimali

Senior Domain Consultant, Capital Markets Industry Advisory Group, Banking, Financial Services and Insurance, TCS

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Gearing up for uncertainty and post COVID realities through rapid digitalization

The COVID-19 crisis has led to macroeconomic uncertainties and the possibility of a global recession. With the pandemic affecting all economic sectors, wealth management firms too have witnessed a fall in assets under management (AUM), revenues, and investor confidence. In this scenario, defining a systematic strategy with appropriate digital enablers to contain the impact is key. Firms will therefore need to adopt emerging digital wealth management trends and speed up digitalization programs to address the impact. In our view, the digital transformation of wealth management firms must focus on aspects like holistic financial planning, channel transformation, back-office process optimization, and application modernization.

As firms navigate through the pandemic, digital technologies will become mainstream, and competing effectively in such an environment will require them to:

  • Invest in secure and scalable infrastructure to support digitalization

  • Build a virtual advisory platform

  • Adopt the central hub model with specialized advisor pools at a central location

About the author

Kuldeep Shrimali
Kuldeep Shrimali is a Senior Domain Consultant with the Industry Advisory Group of TCS’ Banking, Financial Services, and Insurance (BFSI) business unit

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