Wealth Management
Waracle understands that wealth management organisations are data businesses at their core, and as such, need to focus on how better digital products feed data quality, enrichment and velocity. Alongside, how data can be leveraged strategically to deliver better employee, partner, third party, familial and individual customer outcomes.
Many wealth management and pensions businesses are still operating with decades-old core systems, the cloud migrations that many now see as table stakes, in some cases haven’t yet been dealt with.
The cloud imperative is creating the opportunities that many wealth management businesses are now taking advantage of across facilitation, automation and personalisation.
Whether across compliance, KYC/AML, onboarding, experiences or employee facilitation, Waracle have been helping our wealth management clients with design sprints, digital product development and expert managed teams.
Infrastructure & knowledge consolidation
Many companies are focused on consolidating their cloud infrastructure, business data and knowledge bases under one – or one per business section – environment.
Cloud vendor alignment with the employee stack is vitally important when it comes to ensuring that automation, efficiency toolkits, co-pilots and other LLM powered efficacy solutions are honed to be business-specific and trained on robust, organisation data that will ensure alignment and risk mitigation.
Wealth management businesses that are looking to drive automation and facilitation need their data and knowledge in a fit-for-purpose, future facing set of interoperable environments.
Employee facilitation & task automation
Automation from simple scripts to RPA and AI facilitation systems are being deployed to support repetitive, structured, rules-based tasks either without human intervention or with limited human intervention
In wealth management, there are countless processes fit for streamlining and automation: trade settlement, reconciliations, client onboarding paperwork, report generation, compliance checks, data entry across systems and more.
This shouldn’t just be about efficiency, it should be focused on effectiveness because there is nothing worse than a job that shouldn’t be done quickly and accurately.
Personalisation & future experiences
Wealth managers need to have their customer data in a unified, structured, private and compliant format to allow them to create the kind of personalised services that customers expect.
Regardless of whether your ‘customer’ is an individual, a family office, a third party or a partner, people want digital solutions to streamline, augment and facilitate conversation and engagement.
Happy customers, partner organisations and third parties will be those who have their needs anticipated, priorities understood and that are able to make decisions and manage their assets in a simple, transparent fashion. Omnichannel, personalised experiences that are asynchronous are the future of wealth management.
Head of DigitalRoyal London
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