Wealth management platform market in global is expected to grow from US$ 2.20 Bn in 2018 to US$ 7.19 Bn by the year 2027. This represents a CAGR of 14.2% from the year 2019 to 2027. The financial sector is continually integrating new technologies for providing financial services to its customers in cheaper as well as more efficient ways. These advanced and innovative technologies started gaining acceptance after the global financial crisis of 2007−08, during which strong regulations on traditional banks were imposed, and developments in the IT industry enhanced the incentives for the growth of nonbank as well as technology-based financial companies. For instance, the technological revolutions in the finance sector comprise mobile payments, ATMs (i.e., automated teller machines), and trade finance using blockchain.
The technological interruptions in the field of wealth management services include robo-advisors, automated financial advisors designed to compete with human advisors. The robo-advisors provide information regarding various investment strategies related to a different goals, such as saving for large expenditures, retirement, and managing a stream of income to handle expenses more efficiently. The advantages of robo-advisory management wealth services over traditional services, involving human advisory, include easy accessibility, affordability, and the ability to offer their clients the option to obtain financial advice as well as handling investments at any time, from any place, with the help of an Internet connection. Robo-advisory allows the wealth management players to provide their services at low fees, permitting them to expand into their target market.
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The List of Key Companies:
- Broadridge Financial Solutions, Inc.
- Comarch SA
- Fidelity National Information Services, Inc. (FIS)
- Finantix SpA
- Fiserv, Inc.
- InvestEdge, Inc.
- Profile Software
- SEI Investments Company
- SS and C Technologies, Inc.
- Temenos Headquarters SA
North America was the first region to introduce automated financial advisors. The wealth management firms and banks in the US adopted robo-advisory services to provide more comprehensive, effective, and efficient services to their customers. The primary factors that contributed to the early adoption of this technology in the region is the growing affordability as well as accessibility with rising internet penetration and low financial assistance fee. Similarly, APAC is also witnessing an increase in the number of robo-advisory users and asset under management (AUM).
Reason To Buy:
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