As the market matures further with the booming world economy, a great number of people are hiring wealth managers and financial professionals to micro-manage their funds. New Decade brings new trends with itself. As we enter this prosperous New Year 2020, financial planning goals and wealth management are undergoing a remarkable transformation.

Let’s delve deeper into Top Wealth Management Trends in 2020 to watch in this year

1. INTELLIGENT INVESTMENTS THROUGH SMART TECHNOLOGY

The Indian economy has witnessed a rapid growth of 6.74 percent in 2016-17 and it is expected to reach 7.7 percent by 2019-2020 according to the World Bank estimation. As the economy gaining progress in India gradually, investors are getting more desperate to save and invest their disposable income making smart investments popular.

Yes, right from screen-based real-time trading to online trading and then mobile trading, the “smart technology-enabled intelligent investments” are leading the way in the financial ecosystem and driving the industry forward. Blockchain, Cloud Computing, Machine Intelligence, Big Data and Robo Analytics have become the key driving forces, which play an integral role in mitigating the risks in a disciplined and rational manner.

2. ROBO-ADVISORS IS THE NEXT BIG TREND

With a growing inclination towards the digital revolution and seamless digital portals, Robo-Advisors are taking the center stage in the financial planning and asset management landscape. As we begin the new decade, futurists in the industry believe enterprises may hire mobile and cloud-based Robo-advisors in one capacity or another in the coming 10 years to determine their risk tolerance and formulate an investment strategy.  

3. DEMAND FOR MORE PERSONALIZED SUPPORT IS SKYROCKETING

Yes, it is true. Capgemini reported that in North America “wealth management firms have already made strides in enhancing client experience but can now also focus on equipping their wealth managers with robust tools, especially on the financial-planning front.” Firms having investment management and financial planning services as important offerings in their solution portfolio must focus more on personalized support as client expectations are inching towards higher quality standards.

4. ANALYTICS AND BIG DATA – THE WAY AHEAD

2.8 zettabytes of complex data were created in 2012, and the figure is witnessing an exponential growth to rise up to 40 zettabytes by 2020 – making advanced analytics, MIS reporting systems and data management the dominant players in the next several years to deliver key business insights around client segments, advisor books, product penetration, and training program effectiveness. Nowadays, the WM industry is more focused on delivering more descriptive and predictive analytics to assess existing or potential new clients’ propensity to invest.

5. AI (ARTIFICIAL INTELLIGENCE) WILL TRANSFORM WEALTH MANAGEMENT

The greatest change in 2020 is the emergence of Artificial Intelligence (AI) in the wealth management landscape. Wealth managers are taking advantage of this most responsive innovation to speed up know your customer (KYC), digitizing the onboarding processes and improve customer experience. Firms who are rigid towards AI and not willing to embrace this reality may suffer in the near future.

The Bottom Line

The financial planning and wealth management industry is undergoing a huge shift and it is high time wealth managers, firms, and financial professionals must prepare themselves to meet the evolving needs of the future.

This article is curated from the insights on an article titled: 10 Disruptive Trends in Wealth Management which first appeared on Deloitte.com

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As the next level of capability for organisations to address their complex business challenges and make the most of technology, Microsoft has launched Dynamics 365 AI software. This is an intelligent tool for business users infused with AI and AR advantages which aim to bring more intelligent insights, concise data to better guide business decisions, and accelerate the functionality of business applications to reinvent sales, customer service, marketing.

The Microsoft’s software Dynamics 365 is a unified platform infused with the AI capabilities like Chatbots and Facial recognition. It has been designed to deliver enterprise-led innovations along with operational efficiencies in areas like organizational productivity, advanced analytics, out-of-the-box metrics, Power BI, trend identification and IoT.

Dynamic 365 is a result of a transformative shift from a siloed to a proactive way of doing business. In an interview, Microsoft’s CFO Amy Hood talks about Microsoft business applications portfolio and what business leaders like her need from technology solutions like Dynamics 365 AI.

Here are some key benefits of using Microsoft Dynamics 365 Artificial Intelligence (AI)

Alysa Taylor – Corporate Vice President of Business Applications & Global Industry Takes on Microsoft Dynamics 365

According to a blog “Microsoft revealed yet more new features and products coming to the Dynamics 365 stable” published by Alysa Taylor – Corporate Vice President of Business Applications & Global Industry, more organizations are choosing Dynamics 365 and Power Platform than ever before – from industries spanning energy (ExxonMobil), to transportation (Virgin Atlantic, Paccar), to sports and entertainment (Miami Heat, Tivoli) and many others.

The common thread in our customers’ success is the power of a comprehensive, connected business cloud, drawing on unified data and applied intelligence to help customers make proactive decisions to positively impact their business. Customers have seen a transformative shift from a siloed to a proactive way of doing business.

“Two years ago, when we introduced Dynamics 365 we started a journey to tear down the traditional silos of customer relationship management (CRM) and enterprise resource planning (ERP). We set out to reimagine business applications as modern, unified, intelligent and adaptable solutions that are integrated with Office 365 and natively built on Microsoft Azure.

With the release of our new AI and mixed reality applications we are taking another step forward on our journey to help empower every organization on the planet to achieve more through the accelerant of business applications”, she added further while Announcing new AI and mixed reality business applications for Microsoft Dynamics.

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