Each year, Temenos produces a paper based on research from our global customer base, which aims to capture the key global trends we see in the wealth management space. For 2023, this included topics such as Digital assets, Data Analytics, Hyper-personalization, SaaS and Cloud Hosted platforms, ESG strategies and of course, the ongoing Generational Wealth Transfer.
Given the diversity of the MEA region and the differing levels of market maturity across the region, not all of these trends may be as prevalent, and some may not be considered at all. Some trends we can be confident of are:
🔴 The Middle East, and specifically the UAE has seen significant growth in the number of migrating HNWI over the past 20 years, a trend further accelerated due to the pandemic and other, recent and ongoing geo-political events
🔴 The population continues to grow, the region boasts the youngest median age, a growing middle class, a favorable tax environment and higher than average saving rates
🔴 The emerging mass affluent segment, now easier to serve due to advances in technology will serve as a battle ground for wealth managers in the coming years
🔴 As witnessed in other large financial centers, Singapore, Hong Kong and London, the competition will come from FinTech’s, a growing raft of ‘Neo’ or ‘Challenger’ banks and more established banks with a dominant market share, launching new competitive offerings
For many regions, the next 3-5 years will be incredibly important in shaping the future of the wealth management sector. Developed and mature markets will face intense competition for wallet share in an increasingly crowded marketplace. In emerging markets, first movers, unencumbered by legacy technology can leapfrog more established providers in launching cloud hosted, low-touch digital services to capture emerging affluent wealth customers.
As always, where there is opportunity, there will be challenges and the pathway for many will not be smooth. The aim of this webinar is to discuss both these opportunities and some of the likely challenges that could present themselves as wealth mangers seek to capitalize on the emerging trends outlined above.
The key take-aways
What are the primary challenges facing more established banks when seeking to compete with new market entrants such as FinTech’s and Challenger banks?
What actions will banks and wealth managers need to take when devising and executing a coherent transformation plan?
How strongly do MEA banks feel about the emerging trends and, if applicable, how are they best able to capitalize on these trends?
Is the appetite for ESG focused strategies as prevalent as suggested and what challenges do wealth managers in MEA face when seeking to implement a robust ESG framework?
This webinar is in partnership with
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