Introduction
Wealth management has changed. Wealth management firms now serve every generation at once, from tech-savvy Millennials and Gen Z to more traditional clients. Firms that can't meet those expectations lose market share to competitors who move faster.
In a recent session at Backbase ENGAGE Europe, we talked through a tension every wealth management firm feels: personal, high-touch advisory versus the fast digital experience younger clients expect. Most firms still treat it as a trade-off.
Digital Banking gives wealth managers the client and advisor workspace interface, and Agentic Banking resolves the work behind it. Relationship Intelligence augments the advisor, while Customer Operations runs onboarding and entity resolution. One AI-native Banking OS powers both, no rip-and-replace required. Advisors pair the speed of digital with the bespoke human advice that's defined wealth management for decades.
Overcoming key challenges with a single Banking OS
Wealth management clients expect a highly personalized experience. Delivering that at scale is the hard part. Backbase closes that gap, helping wealth managers build tailored, meaningful interactions across digital and in-person channels. Here are three common challenges the platform solves.
1. Digital engagement that keeps the personal touch
Younger clients want self-service by default. Capgemini's research shows 55% of HNW clients now rank digital capabilities as a top factor when choosing a wealth manager. They still expect fast access to a relationship manager when it matters. On Backbase, clients manage portfolios digitally. When they need high-value advice, they move to a relationship manager in the same app. RMs stay in control of the relationship. They spend less time on admin and more time on the client.
2. Retaining clients amid the generational wealth transfer
Generational wealth transfer is a real threat to wealth management firms that don't prepare for it. Cerulli projects $124 trillion moving between generations through 2048. Most firms focus on today's largest clients and miss the heirs who will inherit that wealth next. Digital Banking gives wealth managers the flexible, digital-first experience younger clients expect, from pre-configured investment products to digital-first financial planning tools. Start building the relationship with tomorrow's clients now.
3. Giving relationship managers smarter tools
Keeping advisors productive and engaged matters as much as any client-facing feature. When an advisor leaves, they often take a large share of their book with them. Backbase gives advisors a full view of the client, from portfolios to real-time engagement signals, so advice takes less manual work. Relationship Intelligence automates the admin and surfaces next-best actions in real time. Advisors act faster and spend their time on what grows the book: assets under management and client retention.
Built for the future of wealth management
Backbase brings this together on one AI-native Banking OS. Digital Banking and Agentic Banking work as one foundation, so you deliver premium service across every touchpoint, digital or human. No rip-and-replace, and no need to bolt on a separate tool for every new capability. The result: your firm retains the clients it has, and grows share of wallet with the generation coming next. For the fuller operating model this fits into, see wealth management in the digital age: the ultimate guide.
