WealthTech Views: Looking into 2020 with TechRules

With Jaime Bolivar, General Manager, TechRules

2020 sees an increase in demand for real-time information about positions for clients in all wealth segments, according to Jaime Bolivar, General Manager at TechRules. The challenge is to be able to harness data and to be able to present it in real-time and in an easily consumable and customizable format.

Challenges: What do you see as the main technology and technology-related challenges for the wealth management sector through 2020?

Regulatory demands and compliance are the main challenges that we perceive for the wealth management sector. Current regulations are wide, diverse and progressively more protective to final clients. Technology has to provide the market with more efficient and flexible solutions in order to satisfy both sides: professionals will obtain tools easy to tailor to new legal changes and transparency demands; and final clients will interact with more friendly interfaces to fulfill their profiling tests.

On the other hand, technological providers have to work deeper in solutions so that managers are able to create their own proposal and interface for their clients, as all of them want to be more independent and technologically autonomous. This trend is a great challenge because providers perceive that they are working against their own business. Conversely, we consider it an opportunity to work in new higher-value services, as we have been doing for 20 years.

Opportunities: What do you see as the main technology and technology-related opportunities for the wealth management sector through 2020?

We consider that there are two points for 2020 linked to technological business opportunities as providers: user experience and financial planning, TechRules expertise. First, wealth managers are asking for more attractive onboarding interfaces that are easy to adapt and change for their own needs. Second, the demand for financial planning solutions raised substantially last year and will continue to do so this year. It is a way to offer more personal services for clients and offer better reporting of their current and future positions. Of course, solutions to reduce costs and obtain a global vision for the managers are the usual trend that stays on track.

Market focus: When considering your wealth management clients and prospects, where are they currently focusing their technology investments and resources: clients, advisers/staff or their business infrastructure?

Wealth managers still ask for solutions for their own tasks and productivity to meet their customer-specific financial goals. Those are the main trend, but we have perceived a relevant increase in demands of solutions to offer real-time information about their positions for clients in all kinds of segments, from high net worth individuals to small investors. The sector is step by step turning more to satisfy specific information demands for clients, as the companies compete with a lot of open sources. Trusted data and user-friendly tools can be distinguishing features.

Excite: When you look at the technology capabilities and resources now available to the wealth management sector, as a solution provider, what excites you most in 2020?

We have worked in several innovative trends and will keep pace in 2020 in AI, big data, business intelligence, asset tokenization, as well as easy onboarding processes and apps for final clients. Our developments and answers to our customer portfolio will focus on these services, strengthening the results that we have already obtained, as we consider that they have the largest projection and can bring very transformational tools.

Your support: Finally, as a solution provider to the wealth management sector, what will you be doing in 2020 to help your clients and prospects meet their main technology and technology-related business needs?

Apart from working in the innovative trends already mentioned, we will keep on listening to our customers to develop tailored solutions for their specific needs, as it is part of our core business. We meet their expectations because we create agile and flexible methodologies and tools to adapt to their resources. This brings the chance of making them scalable for all kinds of segments and stimulates their business growth.

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