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55. Choose your own WealthTech adventure with Danielle Theroux and Alan Smith

55. Choose your own WealthTech adventure with Danielle Theroux and Alan Smith

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Key takeaways

  1. Retail investors seek a seamless digital experience that comes with the flexibility of control to customize their journey.
  2. In order to remain competitive, financial institutions have to achieve innovation before startups achieve profitability.
  3. Engaging in a co-opetition model will enable the financial services industry to create differentiated digital user journeys that serve clients better.

This week on WealthTech Unwrapped, we’re hosting two guests for the first time. Alex Smith and Danielle Theroux, Principal Consultant and Principal Digital Consultant respectively, bring a wealth of experience to the discussion that tracks the landscape of the financial services industry. Ned speaks to our guests about some of the challenges that the industry face and changes they’d like to see in the future.

One of the main challenges of the financial services industry is bridging the gap between clients’ expectations and firms evolving fast enough to meet those demands. As digital wealth services are not as mature as other industries, Alan and Danielle suggest that it’s crucial to stratify client bases and understand the segmented needs to provide holistic solutions. 

It’s beyond doubt that customers look for solutions that are delivered in a relatable and accessible manner. Financial services providers have to consider modernized means for customers to make wealth decisions easily and frictionlessly. For example, digital natives and immigrants would likely require differing approaches in which firms need to create distinct pathways for varying customer segments. Wealth managers should optimize their customer data through machine learning, predictive analytics and apply behavioral finance to help clients identify the right solution.

Danielle mentions the concept of co-opetition, where competitive businesses and their clients are likely to benefit from collaborative efforts that foster innovation and fairness. In the same way, merging the vast knowledge and resources of both legacy banks and startups could propel the industry forward in transformative ways.

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Meet Our Guest Speaker

Alan Smith and Danielle Theroux

Capco

Alan Smith has accumulated 21 years of experience in the financial services industry with a background in private wealth management. He is a growth-focused strategy consultant and translates market trends into business opportunities for organizations from small community banks to international institutions. Danielle Theroux gained experience as a design lead in startups and ad agencies where she developed creative directions and strategies for branding as well as UI/UX. Since joining Capco 6 years ago, she focuses on applying and evolving innovative digital strategies at project, portfolio and enterprise levels.

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