Nearly 70% of Wealth Management Clients Now Expecting All-Digital Onboarding: Report

68% of wealth management customers in the post-COVID world are expecting a fully digital onboarding experience, according to an update from OneSpan, a company specializing in digital identity and anti-fraud solutions that “create exceptional and secure experiences.”

OneSpan, which supports risk-based adaptive authentication and digital identity verification, reveals that this statistic along with other key industry trends from Celent indicates “a significant industry shift since the initial disruptions of the pandemic.”

OneSpan, which offers next-gen solutions via a Cloud-based platform, including the OneSpan Trusted Identity Platform, writes in an update:

“Wealth management firms are accelerating investments in front-office technology to encourage growth while also creating efficiencies and meeting changing customer demands. While projections indicate a full economic recovery will not occur until 2022, wealth management firms expect to start growing their IT investments throughout 2021 in preparation for the rebound.”

The Celent Wealth Management Technology Forecast report includes important research and insights for making well-informed decisions about tech investments to support wealth management digitization initiatives.

As noted in the report:

“As Europe and the Middle East finally turn the page to a new post-pandemic chapter, the Wealth Management industry has reason for cautious optimism. The crisis has led some firms to adopt new technologies (digital onboarding, hybrid advice, cloud) and cast away antiquated manual practices (traditional onboarding, legacy platforms) that would have taken many years to change.”

Although much uncertainty (due to COVID) remains, it is imperative that companies invest in the appropriate tech solutions so they can keep pace or “risk being eclipsed by competitors,” the report added.

Celent reports that Western Europe currently leads in digital transformation, and the Middle East is “investing heavily in self-service and hybrid advice models.” Meanwhile, Eastern Europe “lacks the business imperative to significantly ramp up investment in a modernized infrastructure,” the report revealed.

You can view the full report here.

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