Europe: significance of technology on wealth management 2025

Participants were asked in reference to the wider adoption of new technologies and which advances they expect to primarily shape the future of the wealth management industry and the individual firms operating within this sector by 2025. Advanced robo-advisory tools were ranked the lowest by participants. Many firms have not yet or may not plan to adopt such technologies. This was in contrast to the management of customer data tools (CRM) and know-your-customer (KYC)/anti-money laundering (ALM) technology which are already utilized by many financial firms worldwide and have been necessary to complete many daily tasks such as onboarding new clients and maintaining existing accounts.

Industry professionals projected significance of new technologies on the wealth management industry in Europe projected to 2025

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Release date

July 2022

More information

Region

Europe

Survey time period

January to February 2022

Special properties

Ranking is on a scale of one (limited impact) to four (very significant impact)

Supplementary notes

Participants were asked which technologies they expect to primarily shape the future of the industry and firms' business models due to wide adoption by 2025.

Survey respondents were asked to rank in order of priority the products and solutions offered by their firms. The ranking was on a scale of one (limited impact) to four (very significant impact).

CRM is an abbreviation for management of customer data.
KYC is an abbreviation for know your customer.
AML is an abbreviation for anti-money laundering.
DTL is an abbreviation for distributed ledger technology.

Survey respondents were located in selected European countries (UK, Switzerland, Belgium, Spain, Italy, Finland, Austria and Luxembourg). 44 percent of participants were wealth managers, 17 percent worked in private banking, and 15 percent were Independent financial advisers (IFA). The remaining survey participants worked throughout fintech, asset management, investment platforms, retail banking, and robo-advisor services.

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