Breaking Down the Latest Wealth Management Technology Trends 2024

Explore the evolving landscape of wealth management technology trends 2024, driven by customer-centric innovation to meet growing consumer expectations in the financial services industry.

As we look ahead to the year 2024, the landscape of wealth management technology trends is poised for significant transformation. While many may automatically turn to artificial intelligence and other cutting-edge innovations as the driving forces of change, the real focus is on becoming more customer-centric. This shift is being driven by evolving consumer expectations, with a growing demand for improved customer experiences in the financial services industry.

What are wealth management technology trends 2024?

According to Broadridge’s 2023 report on digital transformation in wealth management technology trends, a staggering 78% of investors are calling for companies to enhance the customer experience. However, the report also revealed that many firms are falling short of these expectations, with only 26% of tech leaders delivering a seamless digital experience across the customer journey.

The COVID-19 pandemic accelerated the digital adoption of wealth firms, with 28% of IT budgets being allocated to digital transformation in 2023. Despite economic challenges, wealth firms are ramping up investment in digital transformation to stay competitive, with 55% identifying it as their most important strategic initiative.

Looking ahead, advisory firms are expected to continue their digital transformation journeys, focusing on automating processes and enhancing the digital experience for customers. Digital tools are seen as a way to enhance relationships between advisors and clients, with a growing emphasis on aggregating clients’ information in one place to offer a more comprehensive view of advice.

Executives in Broadridge’s 2023 research expressed a desire to expand AI use and automation, break down silos between business departments, and integrate all data from across their firms to accelerate transformation.

The wealth management technology trends 2024 are centered around becoming more customer-centric, accelerating digital transformation, and enhancing the overall customer experience. Firms are recognizing the importance of prioritizing user experience, personalization, and accessibility to meet evolving consumer expectations.