Market Trends of Smart Advisor Industry
The Retail Segment is Expected to Witness Significant Adoption for Smart Advisor Solutions.
- Automated tools like robo-advisors and passive investing are attracting investors. Therefore advisors are switching to data analytics to improve the client experience. Smart advisor applications like Live Connections help advisors to approach marketing, business development, and lead generation in the digital age.
- Financial Advisors (FA) often need help to keep up with real-time market changes and client needs. To overcome this gap, next-gen AI/ML technologies are becoming essential in developing intelligent solutions. These AI-powered smart advisor tools can scan multiple data sources for market data, events, and news. These tools also manage numerous client portfolios simultaneously, like social media footprints, to determine their life events. Thus, FA can analyze critical market insights more quickly and take timely action to reduce risk or improve returns on investment.
- Advisory firms are collaborating across borders for business expansion. In December 2022, the National Association of Software and Services Companies (NASSCOM) partnered with New South Wales Government's economic development, called NSW, to organize roadshows for Indian technology companies to highlight business and investment opportunities in Australia.
- October 2022 - AccessFintech joined hands with Deloitte to assist financial institutions in their struggle to comply with the impending Consolidated Audit Trail regulation (CAT). By using AccesssFintech's CAT Error Resolution workflow, Clients will be saved from monetary penalties as it will be easy to investigate errors and collaborate in a structured manner.
- In a survey conducted by Accenture, eight in ten advisors accepted that using a one-stop platform or digitalizing applications into a single screen would help improve their efficiency. The research pointed out that this would boost advisor productivity three to seven times in the next three years.
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European Market is Expected to Grow Significantly
- Fintech activity is expanding throughout Europe. According to a report by Mckinsey, pricing and customer experience are the top reasons for banking with fintech, for consumers, as per the survey. European banks rely on various fintech collaborations in major sectors, including operations and payments. Fintech Sector creates more than 1 million jobs across Europe, with huge potential for growth. Fintechs in Europe represented a total valuation of almost 453 billion USD as of June 2022.
- According to Finch Capital insights, more than 250 fintech businesses specialize in KYC compliance in Europe, while more than 300 provide cost management software. Spain's government passed the Startups Law to encourage entrepreneurship and make the country more appealing to foreign investors and creative thinkers. Although Spain's Fintech market is less developed than its European neighbors France and Germany, the EU offers intriguing potential for Spanish Fintechs.
- In January 2022, ABN Amro invested in Laka, a bicycle insurance provider for retail and commercial customers. The growing demand for e-mobility prompted ABN AMRO Ventures to invest. This will assist Laka in its mission to become the top green mobility insurtech in Europe. On the other side, ABM AMRO will increase its clientele by providing world-class digital services and assisting them in making the switch to a more sustainable way of life.
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