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Article18 Jul 2023

Disruption and Transformation in Wealth

Future-Proofing Service and Operating Models.

Citi Business Advisory Services is pleased to have partnered with Citi Securities Services in the launch of our paper, Disruption and Transformation in Wealth - Future-Proofing Service and Operating Models. The key findings of this paper are based on 23 interviews and almost 170 survey participants across retail wealth, wealth management, and private banking segments in Asia, Europe and North America.

The diverse backgrounds and perspectives of our participants allowed us to generate both qualitative and quantitative insights into the current challenges and potential future opportunities across the wealth ecosystem.

The wealth management industry is at a crossroads, where doing nothing is not an option and transformation is essential to remain competitive. The industry faces a number of challenges including  demographic shifts, an uncertain global macroeconomic and geopolitical environment, and a fluid and fragmented regulatory landscape. These challenges are exacerbating current concerns surrounding costs and fee and margin pressures which are leading to consolidation in the industry. 69% of survey respondents believe that consolidation across the industry will continue to accelerate.

The report discusses how the industry is focusing on addressing these challenges through transforming their technology infrastructures, service models and operating models from ideation to post-trade, to meet the needs of their clients and enhance the client experience. 67% of our survey respondents indicated that the digital client experience is their top focus area for their technology and operations strategies.

To be able to differentiate themselves from competitors, our participants were more inclined to spend time and resources on business functions which are directly client-facing, while increasingly choosing to outsource, buy or partner with third-party vendors, broker dealers, and custodians for operational functions. Outsourcing to trusted third-party providers gives them access to advanced technology platforms, drives scalability and delivers cost efficiencies, whilst also creating the capacity for them to focus on providing differentiated products and services to their clients. These changes are key in order for wealth management firms to adapt to changing circumstances and build an appropriate ecosystem that aligns with the future value proposition of wealth.

It is our goal with this paper to provide Citi’s clients with insights and information to help them navigate through this watershed moment for the wealth industry and drive this urgent and essential transformation for them and their clients.

To request a copy of the full report click here. 


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