Monday, June 5, 2023

How Wealth Tech, An Emerging Sector, Is Increasing Opportunities In Investment Management

India’s wealth management sector has experienced phenomenal growth in recent times with a large number of investment professionals seeking returns. As an emerging young economy, India has experienced an increase in the number of wealthy individuals seeking new investment options and bespoke services. As a result, the business of property has undergone a technologically driven metamorphosis, known as “wealth technology”, which accelerates private wealth management. As the industry is now assisting new investors, widening the canvas for investment management, and broadening both demographic and geographic reach, wealth technology leaders are driving the possibilities of investment management.

Wealth Tech: An opportunity to grow your investments and give better returns

Wealth technology has created new business opportunities in India’s wealth management industry, encouraging high-earning millennials with an innate understanding of money management and technology to drive a new wave of investing. In addition, the advent of 5G along with the expanded and robust internet infrastructure of the Digital India initiative has increased the scope for investment management, facilitated service implementation. To add to this, young Indian investors today seek precise guidance on risk-adjusted long-term asset allocation and convenient, effective and seamless digital experiences. As a result, the wealth technology business has been driven to combine cutting-edge developments such as artificial intelligence (AI), machine learning (ML), and sophisticated big data applications in investment management, resulting in exponential growth in the wealth technology industry. . Through digital investment management platforms.

In this situation, the growing use and acceptance of digital payments, QR codes, UPI and mobile wallets has prepared India to digitally integrate financial services in the form of wealth technology, allowing external wealth managers to invest Can be encouraged to increase the bucket. in terms of quantity and value. And eventually, it will cover markets across the country, from metros to tier 1/3, and will be expanded to communities to generate new investors. RBI has taken government friendly initiatives like Digital Rupee (Central Bank Digital Currency – CBDC) and active implementation with leading banks to further strengthen the financial infrastructure. It will enhance investment management by adding investments from more prominent investors combined with digital integration by Wealth Tech which will add Wealth Tech features.

According to CII, India’s GDP will touch USD 35-40 trillion by 2047, and prosperous IT players will be the drivers of this massive expansion, paving the way for a brighter future. This will result in more investors and a more comprehensive investment portfolio which will demand the need for an organized digital investment product market to meet the latent needs of new age investors. Thus, this new wealth growth has generated significant potential for the wealth management sector in Tier 2 and Tier 3 cities in India, which was earlier primarily focused on Tier 1 cities.

The wealth management business has experienced tremendous growth in innovation and experimentation over the past decade to reduce cost-to-service and make it sustainable to service this market. The increase in access to disruptive technology and the widespread availability of low-cost internet in India have aided the cause. It also calls for a centralized financial advisory system to educate budding investors and encourage existing investors to widen their investment portfolio. The rapidly evolving regulatory landscape is adding challenges to the execution of providing investment avenues, hence a digitally enabled wealth management ecosystem is the call of the hour. Wealth Tech brings together money and technology to provide digital solutions to improve personal and professional wealth management and investments. It automatically broadens the scope of investment by bringing in more potential investors and enhancing investment management.

Wealth Tech Empowers Integrated Financial Services System

Wealth technology is helping to bridge the gap on both sides by speeding up investments and providing access to expert advisory services to ease and support captive investors, increasing the number of investors, thereby enhancing investment management . Wealth Tech Infrastructure equips a fleet of Independent Financial Advisors (IFAs), Wealth Managers, Unorganized Brokers and Fund Managers with a SaaS-based platform to analyze, modify and reset their client portfolios and financial markets as a product. Can handle a bouquet of services. , As a result, intermediate players will be able to better serve clients, increasing the volume and value of investment management.

The author is Founder at Centricity WealthTech

Disclaimer: The opinions, beliefs and views expressed by various writers and forum participants on this website are personal.

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