Big Data- A Revolution In Wealth Management

Posted by sainath on October 16th, 2018

Many wealth management companies are investing in big data analytics capabilities to generate insights around clients. Big data solutions are being implemented to deliver insights around client segments, product penetration and analyze training program effectiveness. These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern and the ability of the client to take risks. They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales and offer real time investment advice. For instance, CargoMetrics, an investment firm based in Boston used Automatic Identification System (AIS), to collect data on commodity movement such as cargo location and cargo size to develop analytics platform for trading commodities, currencies and equity index funds. This tool was also sold to other hedge funds and wealth managers.

THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL WEALTH MANAGEMENT MARKET TO GROW TO TRILLION BY 2021

North America was the largest region in the wealth management market in 2017, accounting for half of the market share. This can be attributed due to high presence of assets under management in the US and Canada.

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According to The Business Research Company’s Consultant, Nitin Gianchandani, the demand for automated or robo advice is growing rapidly in wealth management services. Automated advice is an online wealth management service which provides automated or algorithmic investment advice without any human intervention. This is becoming popular mainly because robo advisors are relatively cheap, compared to traditional wealth management services. Though robo advice is not entirely new, it is recently gaining traction amongst users. According consulting firm Corporate Insight, total assets managed by the 11 leading robo advisors in the US rose 65% during 2014, and registered assets under management (AUM) reached billion.

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Agricultural Bank of China was the biggest player in the wealth management market in 2017, with revenues of billion in 2016. Agricultural Bank of China’s growth strategy aims to integrate with the international markets to enhance its global serving capabilities. It is also strengthening its financial, trading and investment businesses as well as develop urban and county businesses.

The wealth management market comprises establishments engaged in planning, advising and managing various kinds of assets that covers financial and investment advice, retirement planning and legal or estate planning. This market includes brokerage and custodian charges of the firms.

Wealth Management Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at 00 for an individual user. To use across your office, the price is 00 and 00 if you wish to use across a multinational company.

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