Wealth management in Italy is going through a phase of great development, and the most innovative model seems to be that of Banca Generali. This was confirmed by Cetif, the Fintech Research Center of the Catholic University of Milan, which presented the study entitled "The evolution of Wealth Management: between Digital and Open Innovation". The aim was to analyze the evolutionary state of Italian wealth management in comparison with international best practices, and it turned out that among the models examined, that of Banca Generali was the most advanced in the national landscape of digital wealth management.
Banca del Leone, led by Gian Maria Mossa, has in fact implemented a digital transformation strategy since 2013 to support the client-consultant relationship which has led to the creation of an open architecture ecosystem following a logic of open innovation which today, as noted by Cetif, places it at the top of the list in the choice of both private customers and financial advisors. “The constant development of technology in recent decades – commented the Director of Cetif, Federico Rajola – has laid the foundations for the creation of new businesses that have irreparably changed our habits. Today, even the Wealth Management sector is starting to be hit by this wave of change with the main operators having to deal with the advance of digitalisation. To win this challenge, it is essential to develop models that always keep the customer's needs at the center".
“The analysis presented by Cetif – he said instead Gian Maria Mossa, CEO of Banca Generali – demonstrates how digitization is increasingly pervasive in the savings sector, so much so that it is even more profoundly influencing a typically more traditional area such as wealth management. The examples that come to us from some international experiences, particularly in Anglo-Saxon countries, demonstrate, however, how every attempt to disintermediate the figure of the professional in the face of more complex needs has had little comforting results, failing to compensate with the sole contribution of technology the complexities that come from the financial dynamics of families. As a private bank, we have long focused on an open banking model capable of dealing with the best technological best practices, trying to integrate the most functional platforms for the work of our bankers into our digital ecosystem"
"In the future of private banking - concluded Mossa - we therefore always see the relationship of trust between the professional and the customer with technology playing an increasingly important role in offering opportunities and quality of service". The presentation of "The evolution of Wealth Management: between Digital and Open Innovation" was also an opportunity to illustrate the results of the 2020 edition of the Wealtech Index, the indicator for analyzing and measuring the innovation drivers over time that are shaping the business models of Italian financial operators. From the analysis conducted by the Catholic University, it emerges in particular how the radical changes in managed assets are pushing traditional banks to new business propositions with a particular focus on innovation.
For the future, the preferred model seems to be omnichannel, i.e. the implementation of multi-channel platforms that allow the provision of global services by promoting a complete customer journey for the customer.
