Banks step up to offer greater financial wellness amid COL
Inflation and the COL crisis are expected to worsen at the beginning of 2023, with rising energy bills alone set to cost the UK’s poorest households almost half of their income. In this crisis, customers need critical financial support which banks are scrambling to provide through new programs & initiatives to help consumers regain control over their finances.
Hedging bets amid market volatility
While the COL crisis has hit the pockets of the wider public hardest, HNWIs are also starkly aware of the uncertainty next year may bring amid political and economic instability. To stave off any losses against further drops in the stock market, many investors are rebalancing their portfolios through direct indexing.
Digital IDs to unlock more accessible banking
Amid rising cybersecurity attacks and identify theft, many banks have tried to safeguard their customers resulting in a cumbersome and inefficient process to prove your identity. Digital IDs are becoming the new way to provide a seamless CX while maintaining security
Regulation to flush out greenwashing
Many WM firms have scrambled to meet the rising demand for ESG-aligned products from more socially conscious HNWIs who are sensitive to any sign of greenwashing. Following COP27, regulators will be quick to clamp down on corporate investment greenwashing, with ESG investing soon becoming more commonplace.
Investing beyond crypto
Crypto investment was largely popularised over the last two years, but already the market is shifting to demand wider, more diverse portfolios (such as EFTs, NFTs and metaverse products). However, a lack of knowledge within these emerging fields is holding many HNWIs back, requiring wealth managers to step up and act as a guide.