Transforming Wealth Management: The Tech-Infused Evolution

In a time when innovation is primarily driven by digital change, the wealth management sector is leading the charge. It is more important than ever to have a simple, safe, and interesting solution for personalized portfolio management, client interaction, and client onboarding. As a means of achieving efficiency and personalization, technological improvements have become the primary driver behind the transformation of the wealth management industry. These advancements have allowed wealth managers to streamline processes, automate tasks, and provide clients with real-time access to their portfolios. Additionally, technology has enabled the development of sophisticated algorithms and data analytics tools that can analyze market trends and make informed investment decisions. As a result, wealth management firms can offer more tailored investment strategies and deliver a higher level of service to their clients.

Statistics of the Indian wealth management industry:

Assets under management (AUM): US$429.70 billion (2023).
Market size: US$390.00 billion (2023).
Number of high-net-worth individuals (HNIs): 3.5 lakhs (2020), expected to grow to 6.11 lakhs by 2025.
Number of ultra-high-net-worth individuals (UHNIs): 13,637 (2021), expected to grow to 19,006 by 2026.
70–80% of wealth management firms in India are using video KYC for onboarding new clients.
85–90% of wealth management firms in India are using technology to automate some of their wealth management processes.
The fintech market in India is expected to grow to US$2.1 trillion by 2030.
India has the highest fintech adoption rate globally, with 87% of Indians using fintech services.

Financial technology companies are at the forefront of India’s wealth management sector’s digital development. By automating and streamlining wealth management procedures, fintech is able to increase efficiency, lower costs, and make investing more accessible to a larger group of individuals.

Fintech is being applied in the Indian wealth management sector in the following significant ways:

Digital onboarding: To make the process of opening a wealth management account simpler and faster for investors, fintech businesses are utilizing digital onboarding solutions. This includes minimizing the need for paperwork and in-person meetings by utilizing Video KYC and other digital verification techniques.
Investment automation: Fintech firms are creating tools to assist wealth managers in automating processes including risk management, asset allocation, and portfolio rebalancing. This can free up wealth managers to concentrate on additional value-added tasks, including giving their clients individualized financial advice.
Data analytics: Wealth managers may gain a better understanding of their customer’s financial needs and risk tolerance by working with fintech businesses to leverage data analytics. The creation of more individualized and successful wealth management plans may then be accomplished with the usage of this data.
Engagement with clients: Wealth managers may keep in touch with their customers and provide them with real-time information on their investments with the aid of client engagement platforms that fintech businesses are building. Stronger client-wealth manager connections and an enhanced customer experience can result from this.

Both investors and wealth managers are benefiting from the growing usage of fintech in the wealth management sector. Lower expenses, increased convenience, and more individualized investing advice are all advantages for investors. Increased productivity and efficiency assist wealth managers by enabling them to concentrate on giving their clients greater service.

All things considered, the adoption of fintech in India’s wealth management sector is a trend that is anticipated to continue in the years to come.

The Wealth Management Tapestry

The financial dreams and objectives of people are intimately woven into the wealth management sector, creating a complicated tapestry. It has historically been associated with in-person meetings, voluminous documentation, and drawn-out procedures. But a new era has arrived with the development of technology, changing how wealth management firms carry out their fundamental duties.’

It is impossible to emphasize the importance of technology in asset management. The foundation of efficiency and innovation in this industry is technology, which offers real-time data analytics that yields actionable insights and complex algorithms that customize investment plans to the particular demands of customers. Technology integration creates new opportunities for customized customer experiences in addition to streamlining operational procedures. Furthermore, technology also plays a crucial role in risk management within asset management firms. By utilizing advanced risk assessment tools and predictive modeling, technology enables firms to identify and mitigate potential risks, ensuring the safety and security of clients’ investments. Additionally, technology-driven automation processes help reduce human errors and increase overall operational efficiency, allowing firms to focus more on strategic decision-making and delivering superior financial outcomes for their clients.

Wealth & Asset management firms that adopt digital transformation strategies experience a notable boost in their operational efficiency

Video KYC and Seamless Onboarding: Catalysts for Growth

As the wealth management industry embraces the digital age, the adoption of video KYC (Know Your Customer) and seamless onboarding processes emerges as a game-changer. These technological advancements not only simplify the onboarding journey for clients but also play a pivotal role in expanding the user base for management companies.

The Video KYC Advantage

Video KYC, a revolutionary approach to identity verification, allows wealth management firms to remotely and accurately authenticate their clients. This transformative process not only saves valuable time but also elevates the overall customer experience to unprecedented heights. The ability to fulfill KYC requirements online eliminates the need for clients to physically visit, bestowing convenience and enhanced security upon the process.

In an industry where trust is paramount, Video KYC adds an extra layer of credibility. The face-to-face interaction through secure video calls instills confidence in clients, assuring them that their sensitive information is handled with the utmost care. As a result, Video KYC not only expedites the onboarding process but also establishes a foundation of trust, crucial for long-lasting client relationships.

Seamless Onboarding: A Strategic Imperative

Seamless onboarding, facilitated by Video KYC, is a strategic imperative for wealth management companies looking to thrive in the digital era. Traditionally, client onboarding has been plagued by cumbersome paperwork and tedious procedures, often acting as a deterrent for potential clients. The marriage of Video KYC and seamless onboarding transforms this arduous process into a user-friendly, efficient journey.

Clients can now complete the required identity verification and documentation procedures from the comfort of their homes through secure video calls. This not only saves time but also enhances the overall client experience, making the onboarding process a crucial touchpoint for positive first impressions. The ease of onboarding becomes a catalyst for client retention and acquisition, as individuals are more likely to engage with a wealth management platform that respects their time and simplifies complex procedures.

Expanding the User Base

The marriage of Video KYC and seamless onboarding acts as a gateway for wealth management companies to expand their user base. In an era where individuals seek instant gratification and streamlined processes, a frictionless onboarding experience becomes a powerful differentiator. Wealth management firms that embrace these technological advancements position themselves as frontrunners in attracting a diverse clientele.

Research indicates that 60% of wealth management firms are planning to implement Video KYC in the next two years, underscoring the industry’s recognition of the transformative potential of this technology.

As companies leverage Video KYC and seamless onboarding to create a more accessible and user-friendly environment, the barriers to entry for potential clients are significantly lowered. This not only broadens the reach of wealth management services but also democratizes access to financial planning and portfolio management.

Genesis and MyConCall by Novel Patterns: Crafting the Future of Wealth Management

Genesis: A Comprehensive Investment Solution

Genesis by Novel Patterns offers a holistic solution for investment management with support for multiple asset classes, multi-currency capabilities, configurable charts of accounts, dynamic fee set-up, user-defined fields, and an efficient multitab user interface.

Wealth Management Platform - Genesis — Asset & Investment Management Platform by Novel Patterns

Revolutionising Wealth Management: MyConCall’s Video KYC & Personal Discussion Integration

In the realm of wealth management, a transformative shift is underway with MyConCall’s integration of video KYC and personal discussion features. Wealth management extends beyond mere financial planning; it embodies the creation of a personalized experience tailored to the distinct needs and aspirations of each client. Recognizing this paradigm, Genesis and MyConCallhave embarked on a collaborative journey to pioneer a new era of customized wealth management.

The integration of video KYC enables wealth management firms to fulfill KYC requirements seamlessly online, eradicating the necessity for clients to make physical visits. This shift bestows both conveniences and heightened security upon the onboarding process, aligning with the contemporary preferences of clients who seek streamlined and safeguarded interactions. The elimination of the physical presence requirement is a pivotal enhancement, epitomizing the commitment to client-centricity and reflecting the industry’s dedication to embracing cutting-edge solutions for a more accessible and secure wealth management experience.

Video Engagement Platform by Novel Patterns for Video KYC & Personal Discussion Solution

Against this backdrop of technological transformation, the partnership between Genesis and MyConCall emerges as a beacon of innovation. Their collaboration seeks to redefine wealth management by combining cutting-edge technology with personalized service, addressing key pain points in the client onboarding process, portfolio management, and client engagement.

The Genesis and MyConCall alliance harnesses the power of video KYC to remotely verify the identity of clients, setting the stage for a seamless and secure onboarding process. This collaboration understands that wealth management is not a one-size-fits-all endeavor; it’s about creating bespoke experiences for each client. Through personalized portfolio management and enhanced client engagement facilitated by MyConCall’s unique features, the partnership aims to elevate the wealth management experience to new heights.

Genesis & MyConCall: Transforming Wealth Management

In a game-changing partnership, Genesis and MyConCall redefine wealth management through video KYC and personal discussions. This collaboration streamlines onboarding, personalizes portfolio management, and enhances client engagement.

Video KYC onboarding: Genesis and MyConCall simplify client onboarding with secure video calls, eliminating paperwork, and offering a seamless experience from home.
Personalized Portfolio Management: Cutting-edge algorithms tailor investment strategies to individual goals and risk tolerance, ensuring optimized and diversified portfolios.
Enhanced client engagement: The MyConCall platform facilitates one-on-one personal discussion sessions, fostering trust and satisfaction by addressing client concerns directly.
Robust security & compliance: Video KYC ensures secure identity verification, complies with regulatory requirements, and safeguards sensitive client information.
Geo-tagging for security: The geo-tagging feature verifies client location during video KYC, adding an extra layer of security and enabling personalized services based on geography.

Rewind-Up: A Future Defined by Innovation

In a nutshell, technology plays a revolutionary role in the wealth management business as it navigates the digital frontier. Specifically, video KYC and seamless onboarding stand out as particularly important examples. These developments serve as catalysts to increase wealth management businesses’ user bases in addition to streamlining operational procedures. Genesis and MyConCall’s collaboration is a prime example of the industry’s dedication to innovation, ushering in a time where trust, efficiency, and customization will characterize wealth management. Those who take advantage of these technological advancements will be well-positioned to prosper in a cutthroat market and usher in a new era of wealth management characterized by accessibility, security, and client-centricity. These advancements in technology have the potential to revolutionize the way wealth management services are delivered, making them more accessible to a wider range of clients.

By leveraging technology, platforms like Genesis and MyConCall by Novel Patterns can provide personalized investment strategies and financial advice tailored to each individual’s unique needs and goals. This level of customization not only enhances the client experience but also ensures that their investments are aligned with their long-term objectives, ultimately leading to greater success and satisfaction in the wealth management industry.