Innovation in Wealth Management

The boom in Indian economy in last few years has a created a lot of HNIs. These people are looking for avenues to invest their wealth. They are educated, knowledgeable and demanding. The question is how is the Indian wealth management industry gearing up to meet the requirement of this segment?

Going Digital and Online

As in other fields, technology and innovations will be the way forward for the wealth management industry as well. In fact, lot of advancements have already been incorporated in this field in the last five years. Traditionally, investment required lots of paperwork. But now it has been simplified to presenting the product details on tabs, investing online and providing the customers tools to analyze their investments through apps and portals. This has improved the transparency and made it easier for the HNIs to monitor their investments.  Most banks are trying to digitize all paperwork related to investments to speed up the on boarding of clients.

Banks have brought about new features in their portals that enable customers to analyze their risk profile online and choose products that would match their needs and then carry on transaction. They have made banking services personalized by assigning relationship managers who would act as their wealth managers. This person would help them with their product related queries and provide investment advice as well. To ensure that the advice is appropriate and consistent, Banks make use of technology to educate the relationship managers.

Technology support for the Wealth Managers

• - Going digital with all the forms has helped to onboard the customers almost instantaneously


• - Innovations like wearable insurance devices which can monitor the health of the individual provide a dashboard to determine the pricing of the next policy


• - Offering products like remittance online