In 2023, wealth management is forecasted to experience more challenges and threats than opportunities for growth. This is due to some of the common threats to the industry such as geopolitical tensions, inflation, and the Crypto Winter.
This Global Wealth Management Trends and Themes Report 2023 reviews the top trends and themes that will shape the global wealth industry over the course of 2023. These include ESG (Environmental, Social and Governance) investments, rising inflation, the Russia/Ukraine conflict, increased adoption of artificial intelligence, ChatGPT (Global Pressure Test), and individual personalization.
For wealth investors, ESG has been identified as an important source of returns that align with their social and ethical values. Increased adoption of ESG means that businesses must shift their operations to prioritize long-term value creation and avoid investments in companies with questionable practices.
Rising inflation creates an unfavorable economic environment for investors due to the expected decrease in returns from fixed income instruments. The Russia/Ukraine conflict involves complex dynamics that could result in unpredictable geopolitical effects that can influence the global wealth economy.
Increased use of AI-driven services have enabled wealth managers to use bots to provide personalized advice to clients while relying on data-driven techniques to target potential prospects and to convert existing customers into successful clients.
Global companies such as ResearchAndMarkets.com are at the forefront of producing data-driven market research that helps businesses make informed decisions. They offer a variety of market reports such as the “Wealth Management Trends and Themes in 2023” which review the key trends and themes that will shape the global wealth industry, offering key insight for players within the industry.
With the growing demands of investors, financial services are increasingly making efforts to shift from traditional methods to digital methods, as a part of their efforts to provide a more individualized experience to their customers. This is coupled with the increased use of artificial intelligence, which contains the potential to drastically accelerate the process of personalization, leading to improved customer experience.
In conclusion, it is evident that the global wealth industry will face many challenges in the upcoming year. Businesses must remain competitive by leveraging AI and data science to deliver personalized services to clients. Companies like ResearchAndMarkets.com will remain instrumental in providing reliable data-driven market research to help businesses make informed decisions.
