As the demand for digital services skyrocketed during the pandemic, financial services providers had to move faster than ever before to provide continuity for their customers across digital channels and platforms. And while retail banks make headway against the digital challengers, many sectors, notably wealth management, investment and asset management are struggling to keep up with the pace of change.

As a result, digital advocates working in traditional wealth management firms are making the urgent business case for digital transformation to prepare for the future. However, many are experiencing pushback from senior leaders concerned that digital transformation goes against the grain of a rich heritage of highly personalised service and relationships extending back many generations, as well as highlighting the cost and security implications of moving customer data onto new technology at a time of disruption.

But as customers from millennials to more mature investors become more mobile, wealth management needs to evolve quickly to survive while retaining the tailored customer experiences and seamless service that set traditional financial services providers apart.

To delve further into these topics as well as some possible solutions to this digital dilemma, FStech was joined by George Baily, marketing lead for wealth at Crealogix.