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December 1, 2021
Forrester names CREALOGIX among Digital Wealth Management Platform providers
Forrester - Now Tech: Digital Wealth Management Platforms, Q4 2021
Digital Banking
Thomas Roth
Chief Technology Officer

In its new Now Tech: Digital Wealth Management Platforms, Q4 2021 report, analyst firm Forrester highlights that the goal of digital wealth services is to, "improve investor experience, increase financial advisor productivity, drive profitability, and bring next-generation capabilities to your financial institution."

CREALOGIX is cited in the report as a mid-sized provider in digital wealth management. The importance of selecting the right provider is brought into focus due to the increasing need for firms to differentiate their offering due to digital capabilities.

Moving beyond the basics

The maturity of digital wealth is reflected in the market landscape. As Forrester notes, aspects such as a modular architecture and a SaaS solution have become table stakes. The report urges wealth management firms to realise the potential of this technical foundation. The reason that this infrastructure has become standard is because it allows for innovation and creativity based on client requirements.

Modular architecture allows firms to make improvements and add further functionality over time as part of an iterative process of improvement. This highlights the importance of a technology partner that can work in partnership with the firm to deliver customer-facing innovations that improve the user experience.

Addressing the urgency for change

Alongside suggestions of potential applications for digital wealth tools such as a single view of the customer, support for diverse asset classes, and sustainable investing capabilities, the report underscores the urgency for change. Forrester states:

"Firms are looking to enhance capabilities now or risk losing customers (and assets under management) in the future."

This shows exactly what is at stake. The very real risk of losing clients, and therefore reducing the AUM of the firm, is one that wealth management firms need to address as soon as possible. This added pressure increases the importance of other benefits of the digital wealth tools, including leveraging automation to maintain profitability through efficiency and productivity measures.

Focus on UX

The report concludes that the way that digital wealth platforms are assessed has changed from questions regarding technical functionality to the user experience. This focus on UX is very important to deliver a successful digital wealth platform. At CREALOGIX, we put this same focus on UX and follow the principles of putting the end user at the heart of everything we do.

Our CREALOGIX Digital Hub is an evolution towards next-generation digital wealth management – its 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. We also value the significance of UX as highlighted in the report and recognise the importance of working in partnership with our clients to deliver innovation to the wealth management industry.

The Now Tech: Digital Wealth Management Platforms, Q4 2021 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.

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