Wealth management is facing a critical inflection point. Legacy systems built decades ago still power many private banks, creating inefficiencies that slow down operations and frustrate clients. Manual processes like emailing PDFs and reconciling data across multiple custodians remain common, leading to errors and missed opportunities.

In this episode of ATP, Olzhas Zhiyenkul, Founder of InvestBanq, contends that private banking runs on a fragile trio of Excel, PDFs, and eMail, because rebuilding the multi-layer “wealth stack” requires years of orchestration and leadership courage.

Some of the important topics that Oz covered in detail included:

• The biggest impediment to digital transformation is not technology is disarmingly human: incentives and incumbency. It requires courageous leadership making multi-year investments,
• Wealth management is harder to digitize than payments because digitizing wealth is orchestration engineering and filled with unseen complexity.
• Over the next two decades, more than $100 trillion of wealth will shift to millennials and other digital natives. They want “software first, human second” service, with expert help available when it adds real value.
• Fragmentation is wealth management’s defining feature and is biggest opportunity.
• The “connect-everything” problem is the core digital wealth management product.