Accelerating digital transformation in a challenging environment 

The COVID-19 pandemic has created new challenges for all business across all industries and the wealth and asset management sector within financial services is no exception. The effort to meet the challenge of creating a “new normal” is driving firms to focus on business resiliency and seek innovative technology solutions that will provide optimization and security. Wealth and asset management firms are also responding to increased pressure on their revenue and margins resulting from intense competition, as well as negative interest rates and the rise of passive products. All these factors have accelerated digital transformation in this sector, with firms building new digital channels and capabilities across the value chain. 

Important Priorities for Wealth and Asset Management firms 

The result is a set of priorities for all firms: 

Deliver Differentiated Client Experiences 

In order to accelerate growth and increase client loyalty, wealth and asset management firms are embracing digital platforms to shore up sales and distribution coverage. They are also increasing their data capabilities with intelligent processes like conversational AI, all to engage better with their clients. 

Build Business Model Resiliency 

Firms are looking to digital technologies to drive down client onboarding costs and are implementing RPA, Intelligent Advisors and Digital Advisor using AI and machine learning as cost-effective platforms that can provide investment advisory and execution services. Additionally, the move to cloud platforms will enable increased efficiencies. 

Modernize Core Platforms 

Wealth and asset management firms seeking to reduce costs and increase agility and resilience are engaging in “Rip ‘n Replace” programs to remove the burdens of their legacy systems. They are dispensing with monolithic code in favor of microservices and implementing open API ecosystems that aggregate data and information pipelines.  

Manage Risk 

Firms are employing digital technology to improve risk insights and regulatory compliance with the new regulations, including GDPR, FACTA, CCPA, FinCEN and DOL. They are benefiting from compliance innovations like back testing and AI applications that perform pre-emptive diagnosis and remediation pertaining to instances of fraud, AML, and financial crime. 

Orion’s Digital Solutions for Wealth and Asset Management firms 

Orion delivers transformative business solutions and digital product development with agility at scale.  

  • We enhance the customer experience for digital marketing, digital onboarding, intelligent advice and M&A integration.  
  • We deliver automation in digital onboarding, contact center automation, as well as servicing, operations, finance and compliance automation. 
  • Through our digital product development, Orion delivers advanced platforms, including hybrid advice, Environmental, Social and Governance (ESG) and open wealth management.  
  • We deliver core IT modernization through app re-factoring/re-platforming, micro services and cloud Transformation.  
  • Our customer data hub, data monetization, CFO Insights, fraud detection platforms provide firms with valuable data-driven insights

Orion can partner with your firm to anticipate evolving client and employee expectations, find the right answers, conceptualize and build the right solutions, and deliver the business transformation you need. We bring decades of experience transforming financial services operations with Digital Strategy, Experience Design, and Engineering. 

Further Reading

Learn more about our Financial Services offerings.

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