Last Thursday (13 Aug 2020), Julian Schillinger, Co-CEO & Co-Founder of Privé Technologies had recently spoke at the WealthTech in HK: Opportunities Ahead webinar organised by the Fintech Association of Hong Kong. Sharing more on his insights, here are some ofFo key highlights:
Covid-19 has probably accelerated digital transformation in WealthTech by 3 years
While Covid-19 has been unfortunate for the global company and many industries, it has given WealthTech and FinTech an opportunity to accelerate positively.
Getting digitised has always been a priority for many companies in WealthTech and FinTech but the pandemic has now put extra pressure for that transformation. He said: “If you look at where financial institutions can spend, they have a certain amount for funding available for offline sales, branches, marketing and digital initiative.”
“Now that this (same) amount of money has been massively changed, their focus is now shifted on how to sell digitally, engage digitally, and retain/service digitally. This probably have accelerated everything by about 3 years – which makes it a very exciting time to be in this space.”
Branding is key
More companies are likely to evolve from B2b to B2B2C, making branding key to success. Investors traditionally only trusted the big banks with their money.
However, the evolving needs and demands from Millennials and future investors bring about a bigger need for companies to prioritise branding.
On that note, he shared: “More clients are getting more comfortable with being digital, which is why more financial institutions need great marketing, great branding and great outreach to help drive branding and trust.”
“In the B2B case, you need to great delivery capabilities that are a great fit for the client and get adopted well,” he concluded.
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