WealthTech Solutions Market Overview
WealthTech solutions are active wealth planning management tools that can be used efficiently in serving ultrahigh-net worth and high-net worth clients. WealthTech solutions can help customers to achieve their financial goals efficiently.
It also used for robo-advisory, digitizing retirement assets, automation of processes/outsourcing, digitized customer relationship management, and extensive financial data analysis. WealthTech solutions also provides strategic planning for integrated cash flows, employer stock modeling, complex tax planning, strategic estate planning, and legacy planning among others.
The WealthTech solutions provider strategy has been consistent with its more conservative approach to product innovation, which enables them to integrate newer technologies in an evolutionary manner. This strategy also helps the WealthTech solutions provider enhance its customer base and product offerings.
- For instance, in December 2019, HSBC launched wealth-tech solutions in Singapore to enhanced support its retail banking proposition. It offer such institutional analytical capabilities to retail investors in Singapore.
Increasing Adoption of WealthTech Solutions amid the COVID-19 Pandemic outbreak
The COVID-19 pandemic outbreak has created disruption in many industries, including the WealthTech solutions market. WealthTech solutions helps to conform to growing demands for fairness and transparency that, post COVID-19 crisis, will certainly increase as people call for better omnichannel advice and greater value-add in managing their commercial and financial affairs.
As many struggle to meet the challenge of remote working and the stress of fast-declining margins, there are some market players that see this as a real opportunity.
Historically, the WealthTech Solutions market increased by 15% market growth in 2019 as compared to the year 2018, which could further rise to more than 21% in 2020 due to increasing usage of AI in financial sector, Digital Wallets, and Robo-Advisory services.
The need for providing greater degree of flexibility for customers seeking to better manage their wealth during COVID-19 period, drives WealthTech solutions market.
WealthTech Solutions Market: Drivers and Challenges
The demand for WealthTech solutions is increasing due to capabilities such as financial data analytics, machine learning capabilities, and portfolio rebalancing. Such factors are driving the growth of the WealthTech solutions market during the forecast period.
These WealthTech solutions fulfill new-age customer needs such as automated rebalancing, tech-enabled financial solutions, and portfolio construction, for large banks and small advisory firms. WealthTech key players are focusing on transforming the industry by identifying inefficiencies along the entire financial services value chain.
This WealthTech solutions offers different benefits such as more effective portfolio management, improved customer experience, better assets liquidity, cost transparency, and , improved advice. The reliability of such benefits drives the WealthTech solutions market growth.
The WealthTech solutions is more expensive and lack of process, methodology and resource affects the market growth, to a certain extent. Furthermore, lack of financial investment awareness, poor transaction infrastructure network, are some factors hampering the WealthTech solutions market growth.
WealthTech Solutions Market: Competition Landscape
Some of the prominent players providing WealthTech Solutions are
- WealthTechs Inc.
- Wealthfront Corporation
- Aixigo AG.
- BlackRock, Inc., among others.
These vendors are focusing on product up-gradation and feature enhancements to fulfill the unique financial needs of the customers. Moreover, these vendors also offer financial advisory services to their clients, which helps them to sustain market competition.
WealthTech Solutions Market: Regional overview
On the basis of geography, North America followed by Europe accounted for largest market share as many WealthTech solutions provider are present in these regions due to advancement in financial services technology and high business growth rate in this region.
Moreover, the emerging countries such India, GCC countries, Southeast Asian countries offers lucrative growth opportunities for the high-net worth customers and clients, to manage their financial investments and wealth generation.
The WealthTech solutions market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The WealthTech solutions market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
- WealthTech Solutions Market Segments
- WealthTech Solutions Market Dynamics
- WealthTech Solutions Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the WealthTech Solutions Market
- Technology Landscape
- Value Chain of the WealthTech Solutions Market
- WealthTech Solutions Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, & Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, South Korea, and Japan)
- South Asia & Pacific (India, ASEAN, and Australia & New Zealand, Rest of South Asia)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
WealthTech Solutions Market: Segmentation
- WealthTech Solutions
- System Integration
- Consulting Services
- Support & Maintenance
- Investment Firms
- Wealth Management Firms