The financial industry is facing a number of challenges that UVV must overcome. These include regulatory requirements, competition from new market players, and increasing digitalization.
Regulatory requirements
The financial industry in Switzerland is subject to a large number of regulations that are constantly being adapted and tightened. This applies in particular to compliance requirements relating to the transparency and traceability of financial transactions as well as money laundering prevention.
Compliance with these regulations is of great importance to UVV in order to avoid penalties and fines. These include, for example, the Anti-Money Laundering (AML) Guidelines and the Financial Crime Prevention (CFT) Guidelines.
For UVV, this means a considerable effort to meet these requirements. According to a study by PwC Switzerland, UVV will have to invest more in the automation of compliance processes and in training their employees in the future in order to meet the requirements.
Competition from new market entrants
One of the biggest challenges facing UVVs is competition from new market entrants, especially digital and robo-advisory companies. These rely on automated processes and online-based customer service, which can pose significant competition for conventional asset managers. In addition, the increasing use of artificial intelligence (AI) may also become a serious competitor for asset managers. According to a study by the consulting firm EY, financial service providers will increasingly have to offer a combination of digital offerings with personalized advice in order to compete.
Increasing digitization
Another challenge for UVV is the increasing digitalization in the financial industry. This particularly affects the management of financial data and communication with customers. According to a study by the digital association Bitkom, around 75% of all financial services will be offered digitally by 2025. This means that UVV must adapt to the digital transformation in order to maintain its services and remain competitive.
One way to meet this challenge is to invest in modern technology and train employees in data analysis and digital communication. Incorporating digital wealth management tools can also help increase the efficiency of financial data management and simplify communication with customers.
Conclusion
In order to remain competitive, asset managers must face the challenges of digitization. However, this can be a financial burden for smaller asset managers. Banks can play a role here by providing technological solutions specifically for asset managers. Another possibility is collaboration in communities of interest, such as IGUV, in which UVVs are jointly committed to the realization of digital projects. Through such approaches, even smaller asset managers can remain competitive and successfully master the challenges of digitization.
Study of the technological needs of the UVV
The IGUV is conducting a comprehensive study among UVVs to understand their digital needs and the benefits of technological solutions. Over 100 UVVs have already participated in this study, which enables banks to identify their own strengths and weaknesses when dealing with independent asset managers and adapt their services accordingly.
For banks, this study offers a unique opportunity to strengthen their position in the market and optimize their services for UVVs. By participating in this study, banks can improve their competitiveness by better understanding the needs and requirements of their target group and developing the appropriate solutions.
We invite banks to participate in this study and benefit from the advantages it offers. IGUV is ready to support banks in their participation and provide them with the necessary data and information. Be part of this important initiative and strengthen your position in the wealth management market.