Wealth management questions may be the same as ever, but answering them is putting banking services under new scrutiny. The influence of digital technologies—from robo-advisers to online accounts—means there is unparalleled choice in how wealth is managed. With changing client behaviors and the demand for greater value, the unpredictability of the wealth management function puts banks at risk of obsolescence. By applying digital technologies to their workforce and capabilities, alongside the human touch, value can be added to wealth management—not only serving and anticipating clients’ needs but also ensuring the health of their own organizations.

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2. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
FAMILIAR
QUESTIONS,
NEW ANSWERS
"Am I seeing the best return on my investments?"
"Can I secure my family's future?"
Client’s wealth management
questions are as relevant as ever.
But the way they are answering
them is putting wealth managers
under new scrutiny.

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THE POWER
OF CHOICE
The influence of digital technologies,
from robo-advisers to online
accounts, means clients now have
unparalleled choice in how to
manage their wealth.

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A SERVICE
With changing client behaviors and the demand for greater value,
the unpredictability of the wealth management function puts
banks at risk of obsolescence.
• Wealth managers have seen their margins decline by one-
third over the last three years.
• 80% of wealth managers’ time is spent on non-revenue
generating activities, such as compliance, risk or filling in forms.
ON THE BRINK

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THREE DIGITAL FACTORS
Here's why the
wealth
management
function must
digitally transform:
TRADITIONAL WEALTH MANAGEMENT IS AT
RISK OF OBSOLESCENCE:
Customers are no longer willing to pay a
premium for undifferentiated services and
advice. Digital technologies demand that
employees are flexible and adaptable, and they
can be applied to help to progress the wealth
management function.
• Our research shows 95% of people said they
need new skills to stay relevant at work.
• 92% expect the next generation will work
differently because of technological
advances.

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THREE DIGITAL FACTORS
Here's why the
wealth
management
function must
digitally transform:
CUSTOMERS DEMAND A
LIFESTYLE PARTNER:
Private banks must open themselves up to an
ecosystem of relationships to fuel sustainability
and growth if they hope to avoid being swiftly
replaced by robo-advisers, new entrants,
artificial intelligence or a combination of the
same.
• A 360° view of the client and using analytics
to drive bespoke advice can lead to a 25%
increase in assets.
• Convenience and digital access has shown
77% improvement in client retention and an
increase in net new client acquisition on
social media.

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THREE DIGITAL FACTORS
Here's why the
wealth
management
function must
digitally transform:
MORE VALUE MUST BE SQUEEZED
FROM DATA:
Customers are redefining loyalty, one or two
phone calls a year and one face-to-face
meeting are insufficient to add value. Wealth
managers should use their data “gold” to
offer differentiated services that drive new
profit streams.
• The switching economy is worth
approximately US $6 trillion globally,
which means stakes are high for wealth
management services.

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HOW TO DRIVE
PROFITABLE
GROWTH
By digitally enabling their workforce and
capabilities, wealth managers can show
clients that the added value of the human
touch pays dividends, as a means to not only
serve and anticipate clients’ needs, but also
ensure the health of their own organizations.

9. Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
DIGITAL
Here's how banks can take action to achieve next-generation
wealth management:
• Develop a hybrid wealth management function: Re-evaluate roles and reset
priorities to become an organization that marries human and artificial intelligence,
bringing the low cost and seemingly limitless analytics of digital together with the
human touch—where it is understood that wealth management involves emotions
and families.
• Become your client’s lifestyle partner: Avoid the legacy trap by becoming an
ecosystem wealth manager. Many wealth management firms are building state-of-
the-art integration capabilities using open APIs or moving toward platform strategies
that will mean they are better positioned in a market that is crowded with FinTechs.
• Exploit big data to create value: Continuously seek out new, proactive client service
opportunities. By making full use of existing data, wealth managers can drive new
forms of value, not only from existing client investments, but also from
differentiated, bespoke advisory services.
DRIVES VALUE

10. Learn more about how banks can adapt to meet consumers'
changing demands with our full report:
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Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
The Human Dividend:
Taking advantage of digital
disruption to fuel next-generation
wealth management
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