As CCO of Fincite, how do you view the role of digital transformation in wealth management, particularly with the rise of hybrid advisory models?
The numbers are clear: over the next two decades, we will witness the largest wealth transfer in history—from one generation to the next, one that has grown up in a digital world.
With each new generation, digital expectations toward wealth management are rising, and with the generation after that, they will reach an entirely new level. What many decision-makers underestimate: the transformation is already underway. The pressure to act is real. Depending on the study, 70 to 90 percent of heirs plan to switch banks—among other reasons because the digital offering fails to convince.
Digital processes are no longer a “nice to have”; they are a necessity.
I spent nearly ten years working for banks. I know the challenges of traditional structures—but also the strong desire for change. Many institutions in retail banking have already begun their digital transformation, often inspired by bold new role models. Such guiding stars also exist in wealth management, although with significantly less visibility so far.
But the pressure is mounting: digital pioneers like Robinhood in the U.S. or Bitpanda in the crypto space are increasingly entering the high-net-worth wealth management segment and are shifting customer expectations. What has already become standard in retail banking will soon become the benchmark for wealth management. This trend will become clearly visible within the next one to three years.
The next generation doesn’t just want new products—they expect an entirely new experience.
In your opinion, what are the biggest challenges and opportunities when it comes to integrating Artificial Intelligence and Open Finance into traditional wealth management processes, and how is Fincite addressing them?
Artificial Intelligence is no longer science fiction—it’s reality. Unlike technologies such as blockchain, whose use cases were long debated and speculated upon, AI has already found its place in the banking environment—and at impressive speed. Looking back, we expected blockchain to have deeper IT penetration, but AI has quietly and effectively established itself. Today, nearly every bank uses AI, even if only in the form of generative models like ChatGPT.
Our conversations with banks show that the biggest challenge isn’t the technology itself, but rather the mindset within many institutions and the uncertainty around regulatory frameworks. AI is linked to a wide range of fears—from data protection issues to concerns about job security. We understand that the number of open questions can feel overwhelming for organizations.
That’s why our recommendation is clear: start small—with use cases that create real value and build trust among users (advisors).
Within our application, we initially deploy AI where it offers visible relief to advisors: as a digital assistant in client meetings. Early applications allow the AI to automatically document conversations, prepare content in context, and deliver it in a hyper-personalized manner based on customer experience.
Our goal is to reduce skepticism and make the practical benefits tangible in daily operations. From our perspective, early use cases should support, not replace. AI should take on exactly those tasks for which advisors have no time—or frankly, no interest—and which don’t generate revenue. This creates acceptance and space for further applications.
In the next phase, we’re focusing on agentic AI—AI systems with proactive decision-making capabilities. Together with Microsoft, we’re currently exploring use cases in areas like investment insights, digital profiling, and KYC processes.
There’s growing interest in alternative asset classes such as digital products and tokenization. How is Fincite planning to leverage these trends to offer clients diversified investment strategies?
Aggregating all asset classes is deeply embedded in our DNA. Our analyses show that affluent end clients have a strong interest in integrating their entire wealth into our application—including automated valuations for assets like real estate. However, this functionality is far from standard in the market. On the contrary: many banks lack both the technical capabilities and the right structures or incentive systems for advisors to consistently focus on alternative assets.
Traditionally, the focus has been on liquid assets—namely, securities such as stocks and bonds. These are fully covered by our platform, both for the client’s main bank and third-party banks. Our software enables the consolidation of all portfolios, regardless of where they are held.
By aggregating all assets, banks are able to offer holistic advisory services—for example, through strategic asset allocation. The right interplay across all asset classes presents a strong opportunity for traditional wealth managers to stand out against the purely digital offerings of new challengers—like Robinhood, mentioned earlier.