The purpose of this guide is to assist in the understanding, onboarding and implementation of FinTech within the Investment and Wealth Management sector.
Historically investment and wealth management is a sector that has been slow to adopt emergent technology, however, in order to increase efficiency, improve consumer outcomes and ultimately futureproof it is imperative that we not only gain a better understanding of the problems / pinch points that exist but develop a framework to actively aide successful and swift adoption.
Organisational readiness, advice on FinTech scouting, pitfalls, IP considerations and ultimately best practice for successful engagement between the Investment / Wealth Manager and the FinTech are all discussed in this guide with key takeaways for quick reference.
For tech adoption to succeed there must be a clear specific business problem to solve, together with an organisational culture and multi-level sponsorship that supports innovation. Any partnership must enable understanding and communication of specific success criteria as well as a clear appreciation of the incumbent processes and requirements around tech integration, information security and key data constraints.
Regular communication and progress assessment together with up front IP protections will ensure alignment of expectations allowing for successful results. Collaborating with Investment / Wealth Managers and FinTechs we have developed a framework and checklists to encourage and foster a more transparent relationship and understanding of requirements.