What will private banking customers be like in the future?

The accelerated digitalization caused by the pandemic has definitively transformed the way clients all over the world manage their investments. The recent European crisis have generated greater concern and a need for entities to update their solutions and technologies such as Robo Advisors and wealth management software to meet user expectations.


In this new digitalized era there are many decisive factors when it comes to predicting what the future behavior of the next customers will be like. Many financial entities have not known how to adapt to new trends and have continued with outdated systems that do not respond with the immediacy and precision demanded by the new generations of investors. The proliferation of Fintechs competing in technology and new products can overwhelm and confuse customers, and so the emergence of new regulations and standards. Transparency, security and data quality become key factors when choosing in which “hands” the client leaves his assets.


The new generation of investors is more numerous, has a younger profile, is familiarized with new technologies and asks for customizable financial solutions. A more demanding generation that wants greater control over all their investments and also immediacy and precision when accessing their financial data. In addition, this new globalized audience is concerned about the environment and calls for sustainable solutions that respect it or that contribute to the development of social factors.


The profile of the new clients


The new audience targeted by the most innovative wealth management solutions and Robo Advisors is very different from the one traditionally associated with banking. There are more new clients than in the past, they are younger, more prepared and they have grown up in a completely globalized environment. This environment will also make them demand sustainable and environmentally friendly wealth management solutions.


This modern investor is used to having the latest technologies in all aspects of his personal and working life, so he will demand the latest innovations and digital features that allow him to access his financial information immediately and from any device or channel. This new client is willing to share more financial information so the advisory services like Robo Advisors are more customizable. For entities, the use of Artificial Intelligence in their solutions, becomes the greatest tool to achieve this expected customization. Data analysis and task automation are fundamental so the advisor has more time to focus on strengthening the relationship with his clients. 


For financial institutions it is essential to provide differential value, offering innovative, easy to manage and intuitive solutions. This new customer used to digital innovations will be much more demanding and impatient, so a robust, secure wealth management software that guarantees the quality of the data is key for any financial institution that wants to continue in the market.

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