The wealth management industry is undergoing significant change, prompted by the evolving expectations of new investors, who are demanding enhanced digital experiences in addition to better investment performance. Organizations are keeping up with these expectations by incorporating the latest technologies, including automation for compliance management and VR/AR for delivering intuitive financial awareness for clients. In the wake of these trends, the global wealth management market is projected to grow from $1.25 trillion in 2020 to $3.43 trillion by 2030, growing at a CAGR of 10.7 percent.
Among the technologies that are driving this growth, AI-infused advanced analytics platforms are fast gaining popularity among leading wealth management organizations owing to their ability to derive critical insights from massive troves of structured and unstructured data. These platforms, equipped with intuitive self-service reports and dashboards, enable wealth management professionals as well as regulators to simplify their complex, while also facilitating enhanced financial performance for investors.
To put the spotlight on such key developments in the industry, Banking CIO Outlook illustrates how wealth management organizations are leveraging the latest technologies to augment their investment strategies. This edition also features thought leadership articles from subject matter experts on the ongoing trends, best practices, and recent innovations in the wealth management sector. Some of the exclusive insights are authored by Amy Jansen, Vice President, Wealth Product Management, Johnson Financial Group, Ann Darnaby, Senior Vice President, Director of Treasury Services, Gateway First Bank, and Jeff Semonovich, CIO, Western Alliance Bank, who shed light on the importance of collaboration, strategic planning, and workplace culture in augmenting investment outcomes and enhancing financial performance.
In this edition of Banking CIO Outlook, we also bring to you the story of some of the top wealth management service companies that are fostering unparalleled workflow optimizations for investors and helping them achieve enhanced financial performance. In the list, Sovereign Capital Vantage particularly stands out for its personalized wealth management and financial planning services designed to help them meet their retirement goals without compromising their lifestyle. We also bring you the story of LCORE Wealth Management, a company empowering entrepreneurs, executives, families, and individuals to create financially independent futures. The list also comprises C1 Wealth Management, a company providing specific products based on the current position and future goals of its clients. Zenith Information Systems also stands out for its multi-ledger, multi-bank all-in-one solution for accounting, cash management, bill pay, payroll, and integrated banking.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the wealth management segment. We would like to know your thoughts.