Going digital in Life and Pensions industry

Industry challenges and customer demands are changing. Take advantage.

Life and Pensions have traditionally lagged behind other industries in digital innovation. The primary reason would be regulations, high technology delivery costs and the lack of people with adequate financial expertise within technology firms. However, the regulatory landscape is changing now more than ever. And the good news is that modern technology if selected and implemented correctly, have become far more robust, scalable and cost-effective to operate.

Financial Technology (FinTech) firms have reacted to the ever-increasing industry and customer demands by innovating. They drove innovation in areas such as robotic automation, API usage, machine learning, and developing efficient and straightforward digital business models to attract and retain customers at scale. In recent years at WealthObjects, we have seen increasing demand from financial institutions to utilise technology for launching digital solutions for Customers and Advisers/Agents/RMs, or upgrading their existing platforms leading to improvements in cost/work efficiency and increase in revenues.

We were surprised by some of the findings. Know what ‘digital’ means for you.

Wealth and Asset Management is now seen as a sector facing disruption. There is the common consensus that globally the future of wealth management is ‘Digital’. Our experience of delivering digital business models to clients across EMEA and APAC has led to the belief that ‘Digital’ is not just for the young or millennial investors. Many mass affluent and high net worth investors are also willing to switch providers in their quest for a superior digital experience with a highly personalised and efficient Adviser/RM service.

Additionally, we were quite surprised to learn that young professionals also prefer an element of human interaction for financial advice. As their goals grow over time, they look for additional hybrid advisory options alongside a transparent digital advice proposition. Digital may mean different things to different firms – but one certainty is that firms must adopt a digital approach to encompass their entire front to back-office functions. They need to do this to evolve and grow. WealthObjects through its multi-award-winning End-to-End Platform, Flexible Modules, and API packages deliver a variety of digital solutions for firms of all sizes who are looking to launch or improve solutions to take advantage of their digital customer growth.

Building a partnership is excellent. Pause before pushing ahead.

Financial institutions can push their digitalisation forward by partnering with FinTechs who have an agile and innovative culture. This relationship will enable firms to launch solutions faster and more cost-effectively and stay competitive. While partnering, it is vital to look into the FinTech firm’s strategy and the people behind it. Capable people with both financial and technical expertise are needed to build good fintech propositions, and to future-proof for long-term sustainability. In addition to taking a deep-dive into the people and technology, take a good look at the solution’s adaptability to various markets, ongoing innovation, the continuous delivery of quality project management and support capabilities to help you grow your business.

At WealthObjects, experience has taught us that the most effective option is to collaborate and develop a true long-term partnership with our clients. Partnerships, where both parties contribute and share knowledge, will be the winners in the long run. The financial services sector continues to change with the introduction of new technologies, with the opening up of regulations, and with existing business models under constant threat from disruption. The need for collaboration now, to produce genuinely customer-centric propositions, is greater than ever. We firmly believe that good partnerships with the right people and purpose will deliver not only good outcomes for customers but also good outcomes for the business itself.

About WealthObjects

WealthObjects is an independent company and works with firms of all sizes across EMEA and APAC regions. We specialise in launching engaging, innovative and compliant digital wealth, investing, savings and insurance propositions. We helped clients launch modern investing and advisory platforms, and improved their existing offerings through modular APIs and automation technology.

We are a B2B FinTech firm with knowledge in investments, pensions and insurance digital business models and complex technology integrations. Since launching in 2015, our solutions and client projects have received industry recognition and won numerous awards including Best Wealth Platform, Innovative FinTech Solution, The Banker’s Tech Projects Award for Best Artificial Intelligence and Robotics, and has reached the Finals of the Gartner Eye on Innovation Award for Financial Services for a client project.

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