The supposed risk of sharing one's own customer data with potential competitors is completely overshadowed by the much higher inherent risk of not taking full advantage of the opportunities offered by open banking.
Changes in the financial industry as well as external conditions, which put pressure on earnings in the form of low-interest rates and volatility, are forcing institutions to rethink their business models and strategies.
In this article, we look at findings from GlobalData's report "Intergenerational Wealth Transfer: Seizing the HNW Opportunity" - and consider the strategic options for wealth management firms to become more appealing for new generations.
In retail banking, the rise of challengers has caused significant creative disruption. The same forces are now coming to investing and wealth management, courtesy of a new crop of challengers of wealth.