4 ways Wealth Management is reinventing CX for the next generation of investors

For years, wealth management firms focused on products. Today, they focus on experience. According to Capgemini, 76% of wealth management executives say improving customer experience is critical for business success. This is driven by the increasing importance of younger generations—millennials and Gen Z — to wealth management brands. 

At JOURNEY, our purpose is to elevate the customer experience. Our deep domain knowledge and expertise span several specialist industries, including the wealth management and financial industries.

Elevating the customer experience 

Millennials and Gen Z are demographics that expect digital-first, hyper-personalised experiences. Unlike previous generations, these investors are mobile-native, value transparency, and expect seamless digital engagement from wealth managers and fintech providers.

The traditional, face-to-face wealth management model is outdated and actively discourages younger investors. Fintech disruptors, AI-driven personalisation, and digital-first experiences have set new expectations and forced the industry to evolve. 

Wealth management and fintech digital transformation 

This article explores four ways this focus on CX, technology, and innovation reshapes wealth management and fintech for these rising generations. We’ll highlight some of the leading innovators to illustrate how this is happening. 

1. AI-powered wealth management

Wealth management is no longer the exclusive domain of high-net-worth individuals with dedicated advisors. AI-driven platforms make personalised investment strategies available at scale, offering curated recommendations based on individual behaviour, life goals, and risk appetite.

StashAway (Singapore) and Nutmeg (UK) are robo-advisors that have attracted millennials with low fees, user-friendly interfaces, and AI-driven investment insights. Their success has pushed traditional wealth managers to adapt, blending human expertise with AI-enhanced digital advisory models.

These are examples of how AI transforms wealth management into a Netflix-style investing experience with tailored, intuitive, and data-driven recommendations. For younger investors, this means access to smarter financial decisions without the complexity of traditional advisory models.

Key takeaway: AI represents an opportunity to connect to new audiences by meeting them with the digital customer experiences they’re used to in other consumer digital experiences. 

2. Fintech disruptors reshaping finance

While incumbents scramble to adapt, fintech disruptors redefine wealth management experiences. Companies like Lemmi are eliminating bureaucracy and offering instant, digital-first solutions that prioritise customer experience over paperwork. 

JOURNEY case study: Lemmi (New Zealand)

Lemmi is a standout example of fintech explicitly designed for digital-native audiences, co-designed with JOURNEY. Built around simplicity and transparency, Lemmi offers a “middle offer” between traditional financial planning and investment management and unguided user-selecting investment platforms. 

• Risk profiling: Lemmi helps customers decide their risk profile and other personal attributes relevant to financial planning and investment

• Personalised portfolios: Lemmi creates personalised portfolios, handpicked by experts, for customers

• Access to experts: Lemmi offers access to their top investment managers and financial advisors

• Lower cost and investment profile: Lemmi allows people to invest smaller amounts of money and with lower fees than traditional person-to-person financial planning and investment services. 

Key takeaway: Fintech disruptors like Lemmi demonstrate that contemporary investors demand simplicity, transparency, and speed. To remain competitive, incumbent wealth management firms must decide whether to build, buy, or partner with fintech.

3. Customer Experience: The Ultimate Competitive Edge

What does that look like in practice? It means moving away from cumbersome legacy systems and toward seamless omnichannel interactions, where customers can check portfolios, get AI-driven financial insights, and effortlessly execute transactions.

Global case study: BNP Paribas Wealth Management

BNP Paribas launched a digital private assets portal that gives clients a real-time view of their alternative investments—private equity, real estate, and infrastructure funds. The portal offers:

• Performance tracking: Real-time insights into investments.

• Educational content: Articles and videos to inform decision-making.

• Instant notifications: Automated updates about portfolio changes and new opportunities.

By prioritising experience, BNP Paribas has transformed how clients engage with complex financial products. This proves that digitisation isn’t just about automation: it’s about creating exceptional experiences and continuous value for customers. 

Key takeaway: Wealth management brands must go beyond essential digitisation. Client’s rising expectations require intuitive, interactive, and informative platforms that actively enhance financial decision-making.

4. Automation and self-service: a model for scale

Younger investors expect self-service capabilities for routine financial tasks. They are unfamiliar with the process of waiting on hold for a simple account update that older generations were used to. 

Betterment, a leading robo-advisor platform, offers a fully automated, user-friendly experience tailored to digital-first clients, mainly Gen Z and millennials. 

Betterment and other competitors in this category succeed with their customers by focusing on these features: 

• Low fees and accessibility: Betterment allows users to start investing with low minimum balances and charges minimal fees, making it attractive for younger investors with limited initial capital.

• Ease of use: Its intuitive interface enables users to set financial goals and manage portfolios without requiring in-person interactions or extensive financial knowledge.

• Automation: The platform automates trading decisions, rebalancing, and tax-loss harvesting, catering to Gen Z’s preference for passive, hands-off investment strategies.

Key takeaway: Wealth management brands must empower customers with AI-driven self-service tools that provide speed, efficiency, and a frictionless experience.

Navigating risks 

While digital transformation offers tremendous opportunities, it also presents significant challenges. Deloitte reports that a staggering 70% of all digital transformations fail, a sobering statistic for wealth management executives considering substantial technology investments.

Regulatory complexity

The wealth management sector faces unique regulatory hurdles when adopting AI and automated advisory solutions. Compliance frameworks like MiFID II in Europe, SEC regulations in the US, and various APAC regulatory regimes impose strict requirements on transparency, suitability of advice, and fiduciary responsibilities. These regulations weren't designed with AI-driven advice in mind, creating uncertainty around implementation.

Data security 

Firms must balance the convenience of mobile access and seamless experiences with robust security protocols. With increased digitisation comes heightened data security risks. High-net-worth clients are particularly attractive targets for cybercriminals, making wealth management platforms prime targets for sophisticated attacks. 

Countermeasures like multi-factor authentication, end-to-end encryption, and continuous security monitoring are now essential for any digital wealth management platform.

Change management 

The most overlooked risk factor is internal resistance to change. Legacy systems and established workflows aren't just technological challenges; they represent deeply embedded organisational cultures. Client-facing advisors and back-office staff may resist new digital tools, especially if they perceive them as threats rather than enhancements to their roles.

Successful brands recognise that digital transformation is as much about people and processes as technology. Comprehensive change management strategies that address client and employee experiences are critical to avoiding the failure statistics highlighted by Deloitte.

Key takeaway: balance innovation with prudence. Dream big, but start with narrow use cases and go deep on them. 

Strategic Recommendations

To remain competitive, wealth management and fintech leaders must act decisively:

1. Invest in AI-driven personalisation: use AI to deliver real-time, hyper-personalised investment recommendations while maintaining regulatory compliance.

2. Partner with fintech innovators: Evaluate whether to build, buy, or collaborate with fintech disruptors to enhance digital offerings and stay relevant.

3. Elevate the customer experience – Invest in seamless, omnichannel digital interfaces that make financial decision-making intuitive and engaging.

4. Expand automation and self-service: explore and implement elements such as AI-powered chatbots, automation, and self-service tools to improve efficiency and reduce service costs.

Ready to redefine wealth management? Let’s Solve & Evolve™.

The next generation of investors is demanding seamless, digital-first experiences. Wealth management brands that don’t evolve risk being left behind. 

At JOURNEY, we help financial services brands navigate this shift, ensuring your customer experience meets the expectations of digital-native investors while maintaining the trust and expertise that sets you apart. Our experience with Lemmi 

Let’s develop a strategy to accelerate your digital transformation and elevate your customer experience. Contact us today to start your Solve & Evolve™ journey.