Report

What wealth managers need to accelerate (or risk falling behind)

As client demands, advisor expectations, the blurring of wealth verticals and competitive pressures increase in new and unexpected ways, wealth managers are compelled to analyze their business models and transform their ecosystems.

Compounding those challenges is the growing awareness among firms that their digital transformation is mandatory. Decision makers must prepare for what is next today to create new, scalable infrastructures as quickly as possible. Finding a way forward will require leveraging emerging technologies to address a multiplicity of hyper-personalized solutions to accommodate the marketplace needs of the rapidly changing investment landscape.

Tomorrow’s successes will be measured by the pace of a company’s technology modernization; the speed at which new ecosystems are developed to compete in today’s environment. Over the following pages, we will explore both the challenges faced and the strategic steps needed for developing successful tech modernization strategies.

The Metaverse may be in its early stages of development, but business leaders agree that in two years, its impact will be felt across all areas of business, changing how companies manage, nurture, and interact with employees, customers, and partners.

To understand the potential of the emergent Metaverse—its applications, challenges, risks, and opportunities—Wipro commissioned a global survey of 550 business and technology executives. There was a resounding message that the Metaverse is here to stay despite recent technology-sector turbulence and market skepticism.

CXOs recognize the Metaverse as more than hype and much more than a customer engagement platform; it’s a convergence of technologies that will transform and have significant business implications, involving the nuts and bolts and cross-functional activities fundamental to business success. While some companies have already made significant investments, it’s not too late for others to start their journey now.

As far as many executives are concerned, the question isn’t if the Metaverse will transform their business but when. Our research shows that a small cohort of leading firms are defining what it will take to harness the power of the Metaverse to revolutionize not just the customer experience but internal operations, innovation, employee experience, and business growth. Leaders are not waiting for it to happen but are well on their way to getting many steps ahead of those taking a wait-and-see approach.

Their competitors face a choice. Continue to hang back and watch while others forge ahead or commit their company to a serious exploration of how they can use the Metaverse to drive business growth. And as we saw with the Internet, those who took risks early reaped the biggest rewards.

Biopharma companies are on a mission: deliver better therapeutics to patients faster to improve human health. Fulfilling this mission today still requires upwards of 10 years, an average cost of $1.1 billion USDÇ, and total cost as high as $4.54 billionÑ for each newly approved drug. How can we accelerate drug discovery, development, and delivery? To achieve these ends, biopharmas have driven digital transformations in earnest. They’ve turned to technologies like artificial intelligence (AI) and machine learning (ML) to build predictive models from existing data sets. Unfortunately, AI/ML outcomes heavily rely on the quality of this underlying data.

The TetraScience 2022 Biopharma Executive Survey of 500 biopharma executives reveals an imperative for success in biopharma digital transformation lies in maximizing the value of scientific data across the value chain [Discovery–> Development –> Manufacturing] to impact three key industry drivers:

1. Speed: Learning from experiments faster, reducing time to market for final molecules

2. Cost: Improving productivity, increasing operational efficiency, increasing return on investment (ROI)

3. Risk: Improving safety, reducing errors, improving compliance with regulatory requirements

Digital Transformation enters a new phase —here’s what comes next. 

Digital transformation is still at the top of the C-suite agenda, but it’s entering a new phase driven by more powerful technology. The third-annual Broadridge Digital Transformation and Next-Gen Technology Study explores the investment decisions and practical realities financial services firms face during their transformation. This year we surveyed 500 C-level executives and direct reports across the buy side and sell side from 18 countries to understand where they stand today, and what they expect in 2023 and beyond.

From intriguing to essential?

 

The fintech industry is experiencing a new wave of challenges in a volatile economic environment. With new challenges around data privacy, changing customer behaviors, developing CX talent, what are the new innovative solutions for companies in the fintech industry, and how can they stay ahead and enrich customer experiences and digital solutions?

TDCX surveyed 200 senior fintech executives from around the world and asked about the problems they’re experiencing, their initiatives, investments, and the benefits around their strategies. Learn more about:

• Humanizing customer experience
• Technology and data in fintech
• Organizational efforts
• Combining digital solutions with human support

We live in uncertain times, marked by economic turmoil, geopolitical strife, and ecological peril. But the flip side of every challenge is an opportunity—a chance to think differently, do better, and make a difference. Organizations that embrace a culture of innovation will have the best chance to thrive.

To understand how digital leaders are creating value for their stakeholders in this tumultuous environment, ServiceNow and ThoughtLab conducted a survey of 1,000 C-level executives in five industry sectors across 13 countries. Annual revenues of their companies ranged from $350 million to more than $5 billion. We categorized respondents as beginners, intermediates, or leaders, based on their levels of innovation across people, processes, and technology.

This helped us identify the best practices of innovation leaders, as well as the benefits to be gained by moving to the next stage of maturity. More than half of all respondents said fostering a culture of innovation drives revenue growth. What’s more, companies on the cutting edge were much more likely to unlock a wide range of benefits, such as better customer service and more satisfied customers, along with new products and business models.

Technology alone can’t solve the challenges facing businesses and the world. The human element is just as important. On this front, many organizations still have work to do. Currently, only 10% of companies involve customers in decisionmaking around innovation, and only 5% involve their own employees.

Download the full report to learn the strategic benefits of digital innovation.