In some recent surveys done by credible financial firms and web forums, the asset and wealth management sector has climbed up the success ladder and has risen up to become the third largest sector of Fintech. The reason why it has become from one of the lagging sector to one of the leading, is only because those sitting at the helm of the wealth and management sector improvised according to the rising developments in the Fintech industry.
With the groundbreaking efforts which are being done by Fintech promulgators across the globe, to make it one of the most profit generating sector, there are some who are in constant pursuit of finding the loopholes in Fintech’s way of dealing with wealth and management group. Around a total of about 60% of the asset and wealth managers are of the view that Fintech a very little fraction of their business is at risk due to Fintech. When they were asked to be specific about the threats they were talking about, mostly were left with no answers. Meanwhile, very few of the lot, who consider themselves to be great orators, mentioned irrelevant threats like security threats, financial information leakage issues and etc.
According to a contributor to the field of Fintech, known as Julien Courbe, the banking industry along with the payment processing companies, are changing and evolving at an exponential level. This immediate trend-shift is increasing distress among the traditional players who were enjoying monopoly. The credit again goes to Fintech industry as it has provided the fastest and most optimal solutions which a company can offer to its customers. The only problem which hinders in complying by the rules of Fintech, for those who haven’t yet got affiliations from Fintech is, the transparency. Organizations these days tend to welcome money from every single benefactor while keeping no record as from the where the money is coming in. The same money, rather than being spent for the betterment of user/customer experience, is devoured by those who are sitting at the top of the food chain. Thus, every single penny vanishes. Fintech has introduced such methods of asset and wealth management which not only give the equity holders a standard to follow, but also provide the privilege of monitoring the account, to every customer.
According to the studies conducted recently, over a staggering 90% of asset and wealth management sector is going to be under the influence of Fintech in the coming 5 years.
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