
The WEALTHTECH Book
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Content
- Intro
- The Wealth Tech Book
- Contents
- Preface
- About the Editors
- Acknowledgements
- 1 Introduction
- Executive Summary
- The Augmented Investment Management Industry
- Clients are Changing
- Connecting Market Data and Client Data
- The Fourth Epoch - The Marketplace of Wealth Management
- FinTech Disruption Across the Wealth Management Value Chain - Will FinTech Dominate the Wealth Management Model of the Future or is there Still a Place for Traditional Wealth Managers?
- Definition of Wealth Management
- Wealth Management Value Chain
- What's Driving Disruption in the Wealth Management Industry?
- Changing Customer Profile
- Where is the Current FinTech Development Focused Across the Wealth Management Value Chain?
- Where Will Innovation Disrupt the Wealth Management Value Chain?
- How Can Existing Wealth Managers Address the FinTech Challenge?
- Partnering
- Buying
- Building
- Wealth Managers Need to Consider Partnering with FinTechs to Keep Up With the Pace of Innovation
- Disruption of the Wealth Management Value Chain Has Just Started
- Embracing Emerging Technology
- WealthTech - Business as Unusual
- The Attraction for High-Net-Worth Individuals
- Collaboration with the Wealth Management Industry
- Looming Danger of Becoming Obsolete
- Competing Against Mutual Funds
- Test of Survival for FinTech Companies
- RegTech Becoming Stricter
- Conclusion
- Welcoming an Artificial Intelligence Robot as a Colleague
- Essential Digitization in Wealth Management
- Becoming Millennial-Minded is Key for WealthTech
- Embrace New Technology
- Realize that you Can't Rely on your Brand's Laurels
- "To Infinity and Beyond!" - Building WealthTech Applications has Never Been Easier
- "LEGO" - Enabled Bricks for Applications
- So How are the "Lego" Bricks Being Put Together?
- Once the "Lego" Pieces are Found, and Relationships Linked. What are the Opportunities Moving Forward? Where Can WealthTech Go Next?
- 2 Digitizing Client Advisory and Robo-Advisors
- Executive Summary
- Ten Reasons Why Digital Wealth Management Will Become a Worldwide Market Standard
- What Do Wealthy Clients Think About Digital Wealth Management?
- Today's Client Preferences
- Tomorrow's Client Preferences
- Technological Affinity
- Projections
- Conclusions
- Challenges of Digitizing Wealth Management Advisory
- The Hybrid Advice Model
- The Future is Now for Digital Advice
- No "One Size Fits All" - Personalized Client Service and Social Selling in Wealth Management
- The Era of Wealth Management/Private Client Disconnect
- Starting a New Approach
- Step 1. More Targeted Prospecting
- Step 2. More Personal Engagement and Awareness
- Step 3. Offering a Bespoke Value Proposition
- Step 4. Impressing in Meetings and Closing Deals
- Step 5. Optimizing Client Retention to Drive Organic Growth
- There is More to Be Done in a Slowly Changing Landscape
- How to Give "Sleep-Tight" Robo-Advice
- How Gamification Can Attract Consumers to Sign Up
- Gamification and Financial Management
- Conclusion
- The Counter-intuitive Reality of Robo-Advice Demographics
- Millennials as a Robo-Advice Target Client Segment
- Early Adopters and Baby Boomers: Certainly Not Mutually Exclusive
- Online Advice Has a Value Proposition Relevant for Older Generations
- The Road Ahead Provides Services Across the Demographic Spectrum
- How Emerging Technologies Will Change Emerging Markets - Welcome Robo-Advisor X.0!
- Robo-Advisor X.0 - Hugs and Kisses
- Robo-Advisor X.0 - Mathematical Programming Problem and Optimal Solution
- Robo-Advisor X.0 - Executive Officer
- Summary
- Presentation Technology - Enriching the Client Experience in a Physical and Virtual World
- Facilitating Client Experience at Scale
- Personalized Financial Content
- Increasing Demand for Compliant Content
- A Solution
- The Future
- Digital Super Powers - The Role of Artificial Intelligence in Wealth Management
- Using Artificial Intelligence in Wealth Management
- What is AI?
- How Can AI Be Used in WM?
- Onboarding and Profiling
- Portfolio Construction and Management
- Communication and Reporting
- What About the Risks of Using AI?
- Can AI Replace Human Intelligence?
- Conclusion
- Digital Asset Management in 2020 - Seven Theses
- Robo-Advice Goes "Hybrid"
- The Third Generation of Robo-Advice Gets Smarter
- Robo-Advice Moves All-Finance
- Specialized Robo-Advisors Will Rise
- Financial Education is Increasing
- Being Compliant Will Make or Break Robo-Advisor
- Mass Retail Asset Management Strives for Zero Marginal Costs
- Making Digital Advice Personal is as Important as Making Personal Advice Digital
- Conclusion
- 3 Digitizing Wealth Management Operations
- Executive Summary
- Digital Business Model for Wealth Management Operations as Matchmaker of Generations
- Low Cost/High Value?
- But What Does This Mean for Wealth Management Operations in General?
- Omni-channel as the New Mantra
- Beyond Systems and IT - The "Big Picture"!
- Alignment of Business Perspectives
- Balancing Complexity and Profitability
- There is No One-Size-Fits-All Approach
- How a Digital Architecture Can Lead to Tangible Business Results
- Legacy Mindset Holding Us Back
- And Digitization is Much More Than a Cool App
- Achieving Quantifiable Business Results
- Managing the Customer Life Cycle
- Onboarding is Part of the Game
- Digitization Benefits All Types of Customer
- Ease for the Customer is Usually Easy for You
- Client Service/Maintenance
- Compliance and Regulators are Also Part of the Fan Base
- IT as a Foundation
- Identify the Utility Part of Your Business
- "Backboning" Your Financial Proposition
- The Personalization Pillar
- The State of the Industry
- The Four Pillars of Digitization
- Harnessing Hyper-Personalization
- Truly Personal Service
- Digitizing Wealth Management
- At the Blink of an Eye
- Wealth Management is Already Digital
- Financial Algorithms - Pillar One of Next-Level Digital Wealth Management
- Automated Execution - Pillar Two of Next-Level Digital Wealth Management
- Digitizing Wealth Management Progresses Rapidly
- Survival of the Fittest - Cyber Resilience
- Cyber Security as a Competitive Edge for Wealth Managers
- Adopt a Strategy that Offers Cyber Resilience
- Increase Customer Experience with Cyber Resilience
- Target Your Cyber Security Investments
- Put the Customer at the Centre of Your Cyber Resilience Strategy
- Wealth Managers Should Learn from the Technology Firms
- 4 Digital Platforms, Products and Ecosystems
- Executive Summary
- Wealth Management-as-a-Platform - The New Business Architecture with PSD2
- Platforms are Taking Over the World
- External Resource Management
- Network Effects
- Why Banking as a Platform has Failed to Emerge
- Bank and Platform: A Not-So-New Phenomenon at First
- The Absence of Network Effect
- Weak Competitive Environment
- Failure to Understand the Nature of Innovation
- PSD2: Opening Pandora's Box
- Platform Roadmap
- Strategic Considerations
- Cultural Considerations
- Security Considerations
- Conclusions
- Wealth Management - Preparing for a Digital Revolution
- Changing Client Behaviours
- Emergence of New Technology
- Emergence of Digital Platform Economy
- How to Digitalize Wealth Management at Banks
- Digital Financial Battlefield
- Traditional Wealth Management Frameworks Under Attack
- Digital Wealth Management Frameworks: New Powerful Strategic Tools
- Survival in Wealth Management: Hybrid Transformation Options for Banks
- Building Digital Wealth Management Frameworks: Dealing With the Complexity of Financial Markets
- Three Steps to a Digital Wealth Management Framework
- Keeping the "Time-to-Market" Short is Important
- Key Success Factors in Gaining Market Share and Scale in Alternative Lending
- Key Ingredients to Achieving Scale: TVFO
- Trust
- Value
- Funding
- Operation
- The Linking Pins and Enablers: PRVM
- Partnerships
- Regulations
- Venture Capital Providers
- Management Team
- Interdependence Within the Ecosystem: Vulnerable to Contagion
- Conclusion
- Personal Financial Intelligence - AI and the Future of Money Management
- Financial Forecasting and Portfolio Optimization in the 21st Century
- A Very Brief History of Time and Technology
- "Quant Funds", Machine Learning and Other Trending Technologies
- Supervised and Unsupervised Machine Learning
- Unsupervised Machine Learning
- Putting it All Together, Portfolio Sciences for the 21st Century
- AI-Powered Wealth Management Products and Investment Vehicles
- Complexity of the Financial Markets and Big Data
- AI and Deep Learning: Adaptable and Self-Learning Capital Markets Modelling and Forecasting
- Partially Versus Purely AI-Driven Investing
- AI-Powered Investment Vehicles
- "AI-Smart"-Beta ETFs
- AI-Driven Sector (ETF) Rotation Strategies
- Autonomous, Pure AI Hedge Funds and Reinforcement Learning
- Plurality of Uncorrelated AI and Alternative Data-Driven Strategies
- AI and the Future of Finance
- Wealth Managers Can Deliver Effective Client Outcomes with a Data-Driven Investment Process
- Systematization of Investment Decision-Making
- Research and Data
- Investment Technology and Communications
- Risk Reduction
- The Business Case for Gender Equality
- The Case for Gender Equality
- An Investment Imperative
- Demand for ESG and Gender-Based Data
- Methodology: Measuring the Gender Ecosystem
- Setting New Standards for Gender Equality
- Financial Performance and the Way Forward
- Fiduciary Robo-Selection is Possible in a New Fund Order
- 5 Blockchain Applications in Asset and Wealth Management
- Executive Summary
- Cryptocurrencies and Blockchain
- What is "Cryptocurrency"?
- What is an "Asset-Based Cryptocurrency"?
- How is an Asset-Based Cryptocurrency Created?
- Network Services
- The Network Platform
- The Wallet
- The Block Explorer
- Asset Supporters
- Market Opportunities
- Community Building
- Regulatory Concerns
- Token Exchange
- Security Mention
- Redemption Logistics
- Reconciliation of Value
- Conclusion
- How Blockchain Drives Innovation in Asset Management
- Challenges and Opportunities
- New Business Model
- Ecosystem of Blockchains
- Adoption Stage
- New Revenue Opportunities
- Potential Disruptor
- Exciting Times Ahead
- Use Cases and Monetization Challenges of Blockchain Applications in Wealth Management
- Digital Disruption in Finance via Blockchain Technology
- Trust and Safety - A More Detailed Look at WM-Specific Use Cases
- Challenges for Implementation and Monetization
- Conclusion and Way Forward
- Blockchain as a Backbone to Asset and Wealth Creation
- Blockchain
- Applications in Asset and Wealth Management
- Blockchain as a Backbone
- Blockchain Market Opportunities
- Dreaming of a Ledger-Free, Globally Connected Wealth Management Industry
- What is Roboblock?
- Differentiating Roboblock From Other Distribution Models
- Setting Up a Roboblock Network
- Conclusion
- Trust Arbitrage and the Future of the Wealth Manager - How Blockchain Innovations Can Crack the Code
- Founding Fathers Ring the Death Knell for Autocracy with a Pen
- The Story of the Firm, as Told by Economists
- Blockchain Innovations Can Make the Firm Feel the Pain
- Wealth Managers are Especially Vulnerable to - and Benefit from - Trust Arbitrage
- Smaller Wealth Managers are Getting a Raw Deal
- What If.
- Predictions are Difficult, Especially About the Future
- Investment and Issuance Distributed in Blockchain
- Current State of Securities Practice with Pain Points
- Future State of Securities Practice with Blockchain
- Conclusion
- 6 Founders' Success Stories
- Executive Summary
- Launching MeDirect Bank as a Challenger Bank
- A Good Product and Service at a Competitive Price
- Partial (Re-)Bundling
- Testing and Pivoting
- Growth!
- Client Centricity
- Empowering Women Financially - The Why and the How
- Why is it Important to Empower Women Financially?
- Empowering Women Financially: How?
- Improve Women's Financial Literacy
- Engage Effectively: Address Women-Specific Needs
- Help Women Take Action Through Innovation
- Why I Left Goldman Sachs for FinTech
- Moneymeets.com - Germany's Leading Personal Finance Management Portal
- Digitization Redefines the Rules of the Game
- How Two Bankers Became the Founders of a WealthTech
- Wealth Management with Moneymeets
- Working with Regulators
- How to Scale a Successful Team
- Finding "Good" Investors
- WealthTech Market Germany - A Small Excursion
- The 100 Trillion Dollar Market Failure
- It's Time for a Rating Platform
- This Leads Us to the Question: What Do Investment Advisors and Fund Selectors Have in Common?
- 7 Enterprise Innovation
- Executive Summary
- Just Do It! Using the Buzz Around Innovation to Empower Banks and Asset Managers
- Always Strive to Generate Buzz When Promoting Your Idea Internally
- Execution is the Real Game
- Summary
- Leveraging Corporate Innovation by Opening Banks to External Ecosystems
- Definition of the Term WealthTech
- Insight: The First Robo-Advisor by a Major German Bank
- Corporate Innovation Accelerator as an Instrument to Enrich the Bank's Innovation Potential
- Paradigms for a Beneficial Cooperation within a Corporate Innovation Accelerator
- The Need for Technical Interoperability within the Digital Banking Environment
- Intrapreneurship as an Option for Accelerating Corporate Innovation Potential from Within
- Conclusion
- Wealth Management is Dead, Long Live Wealth Management
- WealthTech Start-Up Collaboration Models
- Blueprint for WealthTech Start-Up Collaboration
- Assess Digital Maturity of Company
- Define Vision for Collaboration
- Foster Entrepreneurial Culture
- Establish KPIs to Track Progress
- Future of Wealth Management in the Digital Age
- 8 Global Overview of WealthTech
- Executive Summary
- Is the Future of WealthTech Already in China?
- China, the Largest FinTech Market in the World
- BAT Giant Tech Players Continue Growth by Moving to Other Markets Such as Banking
- Tech Companies Also Emerge with Specific Value Propositions
- Traditional Banks are Developing FinTech Solutions In-House or are Acquiring Them
- The Future of Chinese FinTech
- WealthTech in Latin America
- What We Expect for the Evolution of FinTech and WealthTech in Latam
- Why We Believe There is a Different Evolution of FinTech Activity in the Region
- The Opportunity: To Grow Wealth We Need to Grow Financial Literacy First
- Challenges in the Japanese Wealth Management Market - Digital Issuance and Distribution of Japanese Real-Estate Securitized Products
- Japanese Financial and Real-Estate Securitization Markets
- WealthTech Provides Solutions for Japan
- How to Unlock WealthTech in Turkey
- 9 What is the Future of WealthTech?
- Executive Summary
- The Networked Client
- The Investment Managers of the Future are Going to be Millennials
- Information Overload
- Mobile and Mobility
- User Experience and Digital Utility
- Artificial Intelligence, Analytics and Big Data
- Empowering Asset Owners and the Buy Side
- The Sell Side's Reaction to the New Era
- Rest-of-Market Positioning in the New Era
- Conclusion
- An Industry Driven by Digital, Data and Artificial Intelligence
- The Old Guard
- Current Market and Innovation
- The Future Will be an Industry That is Digital
- The Coming Shifts
- The 21st-Century Asset and Wealth Manager
- New Opportunities and the Future
- WealthTech - Taking Private Banking and Wealth Management Digital
- The Analogue Castle of Wealth Management is Under Siege
- Clients Request Tailored Solutions and "Bring Back the Fun"
- Understanding the Relevant Technologies for WealthTech
- Barbarians at the Gate? - The Forces of Disruption
- Act Now: Strategic "Ways to Play" in WealthTech
- How to Win in "High-Tech/High-Touch"?
- Final Remarks and Outlook
- The Wealth Management Canvas - A Framework for Designing the WealthTech Firm of the Future
- The Wealth Management Canvas
- Avoiding Pitfalls Through Validation
- Designing the Business Model of RoboRebalance
- Concluding Remarks
- The Ingredients of IKEA's Approach for a Starry Wealth Management - Choose to Change the Competitive Arena in a Mature Sector
- Stripping Out the Basic Elements
- Do It Yourself and Education
- Pricing
- Quality, Sustainability and Risks
- Credibility and Trust
- Conclusions
- FinTech and the Wealth Management Challenge
- The Promise
- Disintermediation - Always Unpredictable
- Obstacles Facing WealthTech
- Fintech and the Next Financial Crisis
- Risk of Information Overload
- When Tech Generations Collide
- Cognitive Decision-Making with "Insights-as-a-Service"
- How Could This Work in Practice?
- Why Knowledge Digitization Will be a Norm in Investment Management
- More Banking for Less Money
- Back to the Future
- ETFs Blaze the Trail
- Pure Democratization
- Undreamed-of Possibilities
- How AI Will Cause Robo-Advice to Completely Outperform Human Advice
- What AI Is and Why You Should Care
- Real Advice - Combining Plans with Execution
- New Powerful Tools in the Portfolio Manager's Arsenal
- Autonomous Execution
- Explaining the Markets
- Talking with Robots
- Decreasing Customer Churn with Behavioural Analysis
- Summary
- Security in the Future of WealthTech
- The General FinTech Challenge
- The Technology Security Concern
- The Human Capital Security Risk
- The Regulation Security Risk
- Conclusion
- How China is Shaping WealthTech and the Future of Financial Services
- The Wealth Management Opportunity in China: From HNWIs to the Mass Affluent
- The Chinese Tech Dragons
- Established Chinese FinTechs
- Why So Successful?
- Can the Same Happen in the West?
- Is Data the Differentiator?
- Conclusion
- From the Technological to the Financial Singularity - A Journey Without Return to the Future of Finance
- The Artificial Intelligence Super Explosion
- When AIs Rule the Markets: The Financial Singularity
- AI in Wealth Management
- The Rise of the Financial Events Horizon
- Welcoming the 2058 Class of the "Galactic Academy of Wealth Management"
- List of Contributors
- Index
- EULA
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