Zurich, 28th May, Chris Gogol, founder and CEO of WealthArc gave a presentation on digital transformation in private banking at the Finance 2.0 conference.
It was the second time, when WealthArc was invited to present and discuss the latest trends at leading digital finance conference in Switzerland. Complexity of modern wealth management evolves, requiring to consolidate an average of over 21 various data-sources on daily basis. Luckily, technologies such as SaaS (software-a-as-Services) or API (application protocol interface) can be applied to automate most of the manual processes.
Read more at our previous blog: http://h34.902.myftpupload.com/blog/wealth-management-workflow-automation/
Other topics included OpenBanking, Cloud and AI with Madison Sargins, explaining how Morningstar managed to expand breadth and depth of coverage for funds with A.I./machine learning algorithms.
Rino Borini, the organizer of Finance 2.0 conference summarized:
In the EU, a binding test phase has recently been launched under the second Payment Services Directive (PSD2). As of September, all banks operating in the EU are required to give third-party providers access to account information on bank’s customers request. The question is: is open banking a risk or an opportunity?
WealthArc is an easy to implement all-in-one portfolio management solution that automates manual processes and speeds up daily work of professional wealth managers. The FinTech platform automatically consolidates portfolios from custodian banks and gives relationship managers back the time needed to grow the business and attract new, digitally savvy clients.
The first and leading digital finance conference in Switzerland.
Disruption in the financial sector is an ongoing phenomenon causing customer interfaces to be opened up soon. Open banking is not only a danger, but above all an opportunity: Combined with cloud banking, voice and text interfaces, this promising development offers innovative and efficient banking where the customer is king – neatly summarized by the keyword: Customer Managed Relationships. Another important trend worth watching out for are crypto-assets. While banks are still cautious, thing are about to change soon! Either way: Banking will definitely become #EasyToUse.