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January - 2017 - issue > CXO Insights

The Future of Wealth Management

Kanwar Vivek - Senior President-Head Wealth Management, YES Bank
Tuesday, January 31, 2017
Kanwar Vivek - Senior President-Head Wealth Management, YES Bank
In the late 1990s and early 2000s, when the internet was just beginning to take over, most people relied on physical statements in the mail. Today,we have interactive web portals that can be viewed on a computer, laptop, desktop, smartphones, or tablets that present a live update on exactly where all of our investments stand.

Even wealth management is working on digitalization and once the process is digitized; all the information will flow smoothly and directly to clients. There will be no need for updates when the technology keeps the numbers updated 24 hours a day, 7 days a week and 365 days a year.

This transition will make life a lot easier for many of us; many wealth management firms spend an inordinate amount of time in collecting, arranging andupdating client information. It is a waste of time that is becoming obsolete. Digitization will completely transform how we deliver advice and engage clients. It is going to change us from reactive to proactive.

Software and applications will do the continuous monitoring, which will alert the adviser when a client needs to be engaged. This shift will be remarkable not just for adviser but also for clients,enabling real time update on their status of achieving their goals, cash flows, spending and recommendations. Real time alerts will be sent such as: You need to get control of your spending. You need to trim your restaurant budget a little bit. You need to save more to achieve property buying goal.

Think of a client who has a goal of taking a vacation to South Africa that year, and the moment the goal is nearby, the system searches for the good deals on flight, stay or travel agency and recommends to client. Even think of a client whose child's marriage is approaching, again the system will search and recommend good wedding planners, deals on wedding halls and others. These transformations will lead to – being a one stop solution provider to the client's life need and not just financial needs. Yes!! It's POWERFUL.

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