Jaco Cebula on key considerations for wealth managers planning their digital strategy

 08 December 2015

Jaco Cebula, Chief Technology Officer of Multrees Investor Services, comments on the key considerations for wealth managers planning their digital strategy:

An issue for many seasoned wealth professionals today is defining a digital proposition that supports their business strategy but that does not expose their company to a greater cyber security threat.

Wealth managers are largely playing 'catch up' in trying to define and implement a digital strategy, but in the rush to bridge that gap, there are two key areas that are critical to success:

·        Firstly, a digital strategy does not exist in a vacuum - it should be defined in the context of the overall business strategy, and be complementary to the more traditional channels in which wealth managers operate

·        Secondly, increased exposure to the internet through digital simultaneously increases the risk of a cyber security breach (whether cyber-attacks or more subtle financial fraud). Security measures cannot simply be 'bolted on' after the fact, and must be included in initial design plans

Those working within the wealth industry should define their digital strategy in the context of these key questions:

1.     How does this complement your business strategy?

2.     What channels are you targeting, and how do you want to interact with your customers?

3.     How do you plan to manage and update content?

4.     And finally, do you have access to the appropriate expertise to manage your exposure to cyber security threats?

Overall, technology remains a complex topic with regulation continuing to drive and shape the future of this space.

Wealth management firms face an ongoing challenge in terms of risk and security but technology remains a key opportunity for competitive advantage re client experience and operational benefits.