Chapter 21: How Wealthtech Is Re-Inventing The Customer Experience By Linking Open Innovation And Technology

Having understood WealthTech as described in this book, we are explaining in this section that an open approach towards innovation is the prerequisite for success. In other words, it was open innovation that delivered the foundation on which technological developments were built. These developments then evolved and fundamentally changed customer experiences, leading to the creating of significant customer value. But FinTech should do more than simply supporting electronic trading and payments or moving assets faster at lower cost. Using new technology to appeal to certain client segments is a step forward but definitely not enough. If we furnish millennials with easy to use tools for investing and managing their wealth, the industry as such will not grow, instead, we merely provide some financial wellness platforms to an increasingly sophisticated clientele. As in all innovation cycles before, startups as well as established large multinationals must serve ever changing customer needs—not as an end in itself, but with the overall objective in mind to make money.