Top 10 trends in the Australian wealth management industry
In this whitepaper, Bravura Solutions’ Director, Product Management & Strategy, Darren Stevens identifies 10 major trends in the Australian wealth management industry and explores their implications for next generation platforms. Further, he seeks to demonstrate how each of these trends relies in varying degrees on the willingness of providers to invest in system modernisation in order to support them. The trends are:
- Generational change and social media
- Mobile and digital delivery
- Analytics and personalisation
- Cloud and ‘as a service’
- Changing face of advice
- Direct to customer
- Aggregators and Fintechs
- Product and investment innovation
- Cyber security, privacy and compliance
- Technology and the Internet of Things.
Only by recognising and preparing for the new world order brought about by generational change and technology can Australian wealth management platform providers be assured of future business success.