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NFTs and the Wealth Management Opportunity

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FinTech Alliance

NFTs and the Wealth Management Opportunity

Non-fungible tokens (NFTs) are the word on everyone’s lips right now. But whether you think they’re just that – a popular buzzword – or a huge investment opportunity, they are part of a growing democratisation of wealth management. Through various platforms, ranging from more mainstream ISAs and EFTs to “winning big on Bitcoin”, consumers are increasingly demanding exposure to retail investing opportunities.

NFTs, says Panos Archondakis, Global Head of Banking and Wealth Management at EPAM Systems, are opening up new opportunities in this growing space.

Transforming wealth management

Investing in general is no longer the preserve of the ultra-wealthy or those with a degree in finance. We have already seen consumer facing apps enabling people to invest in thematic funds from as little as £5. Self-service options like roboadvisors have grown in popularity, but in many cases the next step is to put the “human” touch back in with advice and guidance for budding investors.

Three key trends Archondakis is seeing in the wealth management space include this move toward these “hybrid engagement models”; value-based investing such as ESG; and a growing concern for financial wellness as investors begin to demand support with their mental wellbeing and education in times of uncertainty. These are being dealt with to varying degrees by wealth managers and large retail banks – but there is a huge opportunity to grow this area of business and cross-sell opportunities to existing customers, from rounding up purchases to the nearest pound to paying hundreds into a stocks and shares ISA every month.

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