The general description of wealth management technology: features, functions, and role. Overview of key fintech trends in wealth management business.

Top 10 Fintech Trends in the Wealth Management Industry.

Over the past years, the wealth management industry has experienced a series of changes and has been influenced by innovations caused by emerging fintech. The role of fintech innovations in wealth management seems to be highly underestimated. And this is in vain. These solutions can play a significant role in the wealth management segment.

Top 10 Wealthtech Trends

Let’s look at the key fintech trends in the wealth management business that deeply describe all the significant changes that are about to take place in the industry. Some of them are happening now. Others are expected shortly. Some of them are the continuation of previous tendencies. Others are new and create heightened uncertainty about the future. While some of these trends converge globally, others may have a greater impact at the regional level. However, all of them are noteworthy. Here are the top ten wealth management trends.

#1 Personalization

A highly personalized approach is not just one of the wealth management trends but also a basic industry principle. The applied solutions must be based on a deep understanding of each client’s individual and professional parameters. Hyper personalization presupposes that portfolio allocation will not be enough. Thus, it is necessary to conduct a detailed analysis of the risk profile, investment horizon, and personal circumstances of each customer. Investors will seek advice that is fully aligned with their needs, aims, and visions. This is the result of increased awareness of the investors as well as the accessibility of technology accelerators.

Financial technology can boost the customer experience by matching solutions and services to their individual requests. The future of fintech wealth management is personalized modeling that will foresee the critical events in a client’s life. In such situations, planning and prognostication scenarios can define potential aftermaths, which will enable more informed decisions.

Different audiences require specialized and personalized advice to meet various financial purposes and requirements. Thus, a customized solution is still the most valuable result of the advisor’s work. Companies looking to invest wisely in technology solutions such as big data analysis and artificial intelligence will expand the capabilities of consultants and provide a clearer and more informed view of the client’s wealth and benefit significantly in the long term.

#2 Onboarding Automation

Wealth management automation trends have been discussed for a long time, and they continue to develop rapidly. Getting clients into the wealth management system has always been considered a major challenge — onboarding one client with paper-based manual processes usually took weeks and months. In addition, the pandemic has made adjustments to the usual workflow. Offices are closed, face-to-face meetings are interrupted, and office teams no longer work together, so it has become critical for wealth managers to receive a complete digital view of the customers and ensure business continuity due to digital adaptation.

To facilitate the onboarding process, businesses invest in end-to-end customer automated wealth management onboarding, from search to identity verification, KYC, AML, and complex check, automated data collection, document archiving, and digital signatures with increased precision and security.

#3 Advanced Reporting

The big techs have forced customers to demand fast, responsive, understandable, and easily digestible information. Today, clients want to access information about their investment portfolio online, around the clock, seven days a week, anytime, anywhere, and according to their choice of channel.

Nevertheless, reporting in wealth management is a frequently overlooked part of the life cycle. Enterprises often perceive online reporting and customer portals as digital versions of standard paper documents and neglect to provide the dynamic, advanced, intuitive interactions customers expect.

Clients vary in their preferences, demands, and reporting requirements, so companies must draw their attention to providing a fully customizable experience that’s perfect for each customer without exception.

#4 The Use of Blockchain

Blockchain technology has completely changed the traditional and generally accepted approach to wealth management. This widely decentralized distributed ledger technology is under research and development at many real estate and investment management firms worldwide. Today, an increasing number of wealth management managers leverage this technology in one way or another in their activities. This allows checking transactions electronically over an established network of computers.

According to the Santander report published in 2015, banks and property management enterprises could save up to $20 billion a year by the end of 2022. Such amazing results can be achieved due to the introduction of Blockchain technology in asset management. Moreover, it is simply inevitable. It should also be noted that this technology will soon create several new asset classes. These are the wealth management future trends in terms of Blockchain.

#5 Digital channels

The current generation of high-net-worth clients increasingly chooses digital channels to manage their wealth. Wealth management companies already have access to customer data, but they often do not have enough wealth management software and tools needed to analyze this data. Advisors need to use technology-based approaches to develop offerings that respond to shifting customer requirements by maximizing the value of customer data. Many agencies are starting to use predictive analytics to develop value offers that are focused on each client. This strategy must include examining unstructured data, such as investor preferences, lifetime values, and investment history, to predict future customer behavior. These forecasts can simplify the process of up-selling and cross-selling new products to investors.

The importance of this approach, among other digital wealth management trends, is that leveraging digital channels for wealth management will enhance customer loyalty as data analytics boost returns on investment. Asset managers will also be able to offer the personalized propositions that today’s investors expect by gaining a complete view of the client. What’s more, this tendency will open up new streams of income as wealth management companies use customer data through technology providers. This is why it is critical to take full advantage of digital channels and platforms to expand your practice.

#6 Augmented Reality & Virtual Reality

As one of the top 10 wealth management industry trends, AR and VR will drive the investment behavior among millennials, boost new customer acquisition, and make managed investments more intuitive for clients. Wealth management companies apply AR and VR to make financial planning more intuitive for their clients and attract millennials to managed investments. Young high-net-worth individuals choose more innovative ways to interact with wealth managers and expect digital experiences from their financial service providers. This trend will gain momentum since tech-savvy advisers look for ways to keep their clients informed and engaged with their finances.

Financial managers can introduce VR into their practice to help educate and engage their customers in important monetary planning techniques. Virtual reality is a great way to help people understand the need for planning and savings. Along with VR, AR is another gaming technique that is affecting financial solutions and wealth management services.

There will be many advantages and profits for agencies themselves, such as the ability to train new advisers more robustly, make better investment decisions, and create better dashboards. As for the clients, it will be easier to imagine their future, understand the implications of their decisions, and express their true preferences. VR and AR provide real-world scenarios that allow customers to “play out” how different financial solutions will affect them in the future.

#7 Internet of Things

IoT technology enables wealth management companies to find new ways to leverage customer data. The ongoing trend of automatic portfolio management requires the IoT to collect the data that is necessary to personalize the offer for each client. What’s the point? These unconventional data sources will help agencies to less intrusively evaluate the financial needs of their clientele. They will also provide customers with a better understanding of their lifestyle, allowing them to realize their preferences, needs, and potential for future savings more correctly and faster.

IoT tools can collect real-time data, such as savings and spending habits, that can be analyzed to create a detailed customer profile. This provides an individualized approach and ensures that the offers customers receive are as relevant and personalized as possible. All this allows wealth management agencies to provide more individuality for each client. The widespread adoption of IoT solutions also helps companies profile customers more effectively through intuitive interfaces.

#8 Virtual tools

In today’s dynamic and competitive market, wealth management companies need to tailor their offerings and be user-centered to understand customer preferences and needs. And the wealth management fintech trends imply using virtual instruments since the use of technology improves the customer experience by moving from Customer Relationship Management (CRM) to Customer Interaction Management (CIM).

Wealth managers must turn to virtual solutions to enable new service delivery models to satisfy, retain, and attract clients. Virtual tools help to conduct frequent automated customer reviews, allowing advisors to focus on gaining new clients. With the help of virtual assistants and robo-advisory bots, asset managers can leverage technology for real-time consulting and offer customers a fully individualized experience. What is more, smart assistants can understand customer requests, provide detailed answers, and persuade them to buy products and services that meet their needs. Providing a personalized service ensures that customer preferences are met and strengthens the relationship with them. Virtual technology also enables vast customer data to deliver customized offers to increase customer engagement and drive retention.

Thus, wealth management companies will better engage their customers with a multi-channel digital presence driven by virtual tools, assistants, and chatbots.

#9 Reduced compliance costs

The wealth management industry faces a rapidly changing and financially challenging environment. Therefore, companies need to expand their capabilities quickly and cost-effectively. Partnerships with wealthtech service providers can help them expand their reach and enhance opportunities with minimal costs and maximum profit.

Technology facilitates the reporting process required to comply with wealth management regulations. Frequent changes in different jurisdictions force companies to use solutions that optimize their operations and reduce their costs. So, partnerships with solution providers become crucial to enable companies to respond quickly to regulatory changes. The rules increase the need for data management and encourage agencies to seek technology solutions to meet the demands.

Regulatory decisions will reduce the investment that asset management companies must make when responding to regulatory changes. They will also automate many tasks that firms use to perform manually. Among other advantages are dashboards that offer complete visibility for liquidity monitoring.

#10 Increased security

Last but not least. Safety is still critical, and security issues remain one of the most important wealth management technology trends. Increased technological penetration has led to a unique set of security challenges and enhanced compliance requirements. Advanced data security will enable players to become trusted and experienced next-generation wealth managers. Today, security remains an issue for many. And we hope that security issues will remain critical over the next years, resulting in continued security innovation.


This is a time of significant change and innovation in the WM ecosystem. The industry is experiencing fundamental transformational processes caused by fintech innovations, the continuing trend towards digitalization of all processes, and customer behavior in the world of new technologies. To remain competitive and strengthen market positions, it’s crucial to develop strategically, introduce key trends into experience, use global opportunities, and quickly adapt to these critical shifting dynamics.

We at EXB Soft understand this and help our clients keep up with the pace. Our software engineering company specializes in custom development. We can offer wealth management solutions according to all the latest fintech trends as well as advanced, flexible, and innovative fintech software development services. Trust us with your project and get a progressive and competitive end-product


Investment management is changing as a result of the convergence of finance and technology, or fintech. Big Data, AI, and ML are being used more and more to evaluate investment opportunities, optimize portfolios, and reduce risks.

Wealth managers can use AI to automatically scour databases of customer information and other data to make wise decisions for their clients. The use of AI can also be used to automate end-to-end wealth processes by taking the place of human intervention, which will lower the cost of the services that wealth businesses provide.

A qualified financial advisor can assist you with all five main aspects of wealth management: financial planning, asset allocation, asset management, estate planning, and tax accounting.

With the aid of technology, advisors can deliver more assistance, stronger advice, and better services. For instance, automation minimizes costs, minimizes errors, and saves time. Clients should be paying you to offer insightful financial counsel, not to enter data.

By offering customized, reasonably priced services to assist investors in establishing their financial objectives, selecting the best goods or services, and managing their investment portfolios, new accelerated online platforms and applications enhance the retail customer experience.

Fintech payment companies can decrease overhead costs to improve cash flow, but they should also think about investing in automation, putting a priority on getting paid quickly, and carefully expanding their business.

Furthermore, in terms of internal control, a bank's FinTech innovation, like cutting-edge technologies like biometrics, voice recognition, and intelligent robots, can be used to lower human, financial, and time costs and improve the accuracy of data, lowering a bank's risk of fraud as well as systemic risk.

The technology itself may present wealth management with the biggest digital transformation challenge. Rather than undergoing a comprehensive transformation, the majority of service providers are plagued by rigid legacy systems that are implemented piecemeal to address specific issues.

There are several key ways that fintech can affect the financial market. For instance, by fostering more competition, empowering consumers, and democratizing access to financial services, particularly in developing nations, which will in turn encourage more innovation.

The impact of fintech on bank stability is both favorable and significant. Through the use of data, cloud, and artificial intelligence technologies, fintech encourages financial stability.

FinTech has the potential to democratize access to financial services and expand financial inclusion to clients who were previously un- or under-served. In the end, both FinTechs and those who are underserved financially benefit from this.

Digital payments are a key feature of any fintech app. They allow users to pay for goods and services online quickly and easily. This makes digital payments an important feature for fintech apps. By offering digital payment options, fintech providers can make it easier for users to make purchases online.

Fintech Lending indicates a shift from traditional balance sheet based underwriting mechanisms leveraging a digitally verifiable cash flow-based lending criteria. Further, it involves system driven approvals as against Discretionary Lending Powers based approvals granted in traditional lending.

This means that if you want to maintain your current expenses at a later date, you will need to spend more than what you are spending right now. Because it reduces the real rate of return on your investment, inflation has an impact on your investments over time.

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