FOTIC Research Institute and JD Financial Research Institute Jointly Release Report on Building a Smart Wealth Management Ecosphere

On 11^th October, the Research Institute of China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) and Jingdong (JD) Financial Research Institute jointly released a report on Building a Smart Wealth Management Ecosphere – Fusion and Innovation of Wealth Management and Financial Technology. Focusing on the application of financial technology in wealth management, the report explores core capacity building and future development models for wealth management institutions and financial technology companies.

According to the report, wealth management institutions are shifting towards a customer-centric development model featuring “online and offline integration, emphasis on value, and proactiveness”. The process will see the gradual integration of financial technology and wealth management. In the future, wealth management institutions and financial technology companies should rely on their internal resources and trace back to their origins to jointly build a smart wealth management ecosystem that can efficiently connect customers, products, and data; enhance customer experience and insight; increase capabilities to identify and bring in products; and consolidate automated operation abilities.

Financial Technology Boosts Quality and Efficiency of Wealth Management

In recent years, wealth management institutions have been carrying out scientific and technological innovations in the usage of financial technology to improve wealth management and better meet diversified customer needs. In this backdrop, the report analyzes the specific application of financial technology in eight scenarios in the beginning, middle, and end parts of the wealth management industry chain. In this way, the report fully demonstrates how financial technology can help wealth management institutions improve quality and efficiency in all aspects of the wealth management industry chain.

Meanwhile, for the future development of the wealth management industry, the report states that wealth management institutions and financial technology companies need to have an accurate positioning, dig deep to uncover resource advantages, trace back to their origins, and keep developing core capabilities on the basis of customers’ needs.

Smart Wealth Management Ecosphere Efficiently Connects Customers, Products, and Data

Moreover, the report points out that financial technology companies and wealth management institutions constitute a community of shared interest. In a future where wealth management services are expected to become more and more smart, an increasing number of wealth management institutions and financial technology companies will rely on their own resource advantages and locate appropriate scenarios and positions along the digital wealth management industry chain to consolidate development, while stepping up core capacity building and jointly building a smart wealth management ecosphere.

The so-called smart wealth management ecosphere is a wealth management innovation model that uses technology as a means to efficiently connect “customers, products, and data”. At the same time, it enhances customer experience and insight, improves capabilities to identify and bring in products, and strengthens automated operations capabilities. In addition, the report states that every link of the smart wealth management industry chain will see cooperation and integration of multiple participants.

Furthermore, the report is said to have taken three months and more than 20 interviews with internal and external experts, encompassing commercial banks, trusts, public funds, large financial technology companies, software vendors, and other companies. It covers more than 30 topics related to wealth management. As a financial institution that has been deeply involved in the financial field for more than 30 years, FOTIC has worked together with JD Finance, a leading digital technology company in China, to conduct joint research on the integration and development of wealth management and financial technology. The report provides valuable reference for the study and exploration of digital transformation of wealth management. It guides wealth management institutions and financial technology companies to create a smart wealth management ecosphere and provide diversified and high-quality wealth management services for Chinese residents, thereby serving the needs of a better life.