Thailand Wealth Management Forum 2019 - Highlights - Dominic Gamble

Dominic Gamble of Wealth Dynamix

May 13, 2019

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1. What are the opportunities and challenges for the industry?

Video transcript

1. What are the opportunities and challenges for the industry?

Big challenges in 2019 are not just on the front end, with what clients expect and increasing competition in wealth management. Very much on the back end too, so what happens under the bonnet inside the institution is still fairly chaotic. In part triggered by regulatory change, but actually technological change is causing a lot of issues too. The ability for institutions to get rid of legacy systems, move into the new era, which enables them to do innovative things like AI; it’s still being proven whether institutions, especially the large ones, can actually do that. There's big projects, big discussions going on. And this conversation around open APIs, which many people think of as the future of how wealth managers are going to adopt technology, actually creates some complications as well, because you have to manage each of those partners. So, whilst I think FinTech is going to increasingly penetrate the big institutions, specialising in a little bit of the needs of the industry, it needs to be done in a sequential step by step phase.

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