The recent publication of The Forrester Wave™: Digital Wealth Management Platforms, Q1 2022 showed that CREALOGIX has been named a strong performer. Experts at Forrester evaluated 12 providers against 27 criteria and found that there has been a shift in the industry "from goal-based financial planning to personalization technologies". When assessing our solution, the team stated that:
"Digital Hub is a good fit for European and APAC FIs looking for a customer-centric solution that can integrate into its core systems to create an end-to-end wealth experience."
The value of data and introduction of AI
Wealth management firms are increasingly looking at how to translate the personal touch that is the cornerstone of excellent service into the digital sphere. The report stated that firms should look for platform providers that:
"Leverage data and analytics to enhance the investor and advisor experience. Platforms that stood out during this evaluation offer AI-powered advice that explains to advisors and investors how recommendations are derived. Recommendations include both investment allocation based on investor risk tolerance and investments based on investor values."
Tech partnerships are the key to innovation
Another factor that Forrester noted is the rise of vendors working in partnership with other tech providers. The report stated:
"Alongside their off-the-shelf business capabilities, leading platforms are identifying, vetting, and offering third-party fintech solutions such as sustainable investing filters."
The advantages of this are clear – it simplifies the process of adding new features to an existing solution with pre-vetted partners that integrate smoothly. A strong partnership ecosystem also allows wealth managers to pick the very best provider for their firm in every aspect of their digital wealth services. A modular architecture also allows firms to continue to innovate over time, reducing the complexity of digital transformation and the time to market.
Firms need providers that "communicate a compelling vision that focuses on innovation"
Forrester explored in the report how R&D investment is translated into benefits for wealth management firms. The arrival of new products such as AI-driven advice and tools for sustainable investing show that a provider’s capacity for innovation in the long term is driven by its commitment to research. This is important for firms because choosing the right provider with a focus on innovation ensures that their solutions remain at the cutting edge of the industry and provide secure, reliable services that are well-supported.
Supporting the future of wealth management
At CREALOGIX we welcome The Forrester Wave™: Digital Wealth Management Platforms, Q1 2022, and not just because we’ve been named a strong performer. Research such as this underpins our own product development and inspires us to continually improve. In the report, Forrester stated that:
"CREALOGIX’s Digital Hub’s strengths are its cross-channel capabilities and its focus on a consistent experience for end customers, employees, and financial advisors."
The report also noted that reference customers highlighted our platform’s reliability, validated the strong front-end experience, and noted our responsiveness and good implementation support. This is great news, but we won’t waste too much time celebrating. We never take our position in the market for granted and despite our long heritage in the wealth management industry, we continue to innovate by investing in R&D and listening to our customers. CREALOGIX Digital Hub is an evolution towards next-generation digital wealth management, but we keep our eyes on the future. Our modular framework enables financial firms to select and deploy segment-specific digital solutions to meet customers’ needs within a secure, scalable and cost-efficient model. That will be our focus as we continue to provide a clear vision of digital wealth services for our clients.
The Forrester Wave™: Digital Wealth Management Platforms, Q1 2022 report is available to Forrester subscribers or for purchase.
Our trends report on wealth management could be of interest to you as well: "To lead in wealth management, incorporate these key drivers in your strategy" - download the report here.
Our trends report on wealth management could be of interest to you as well: "To lead in wealth management, incorporate these key drivers in your strategy" - download the report here.
