The mass affluent—households with income-producing assets (excluding a primary residence) worth between $100,000 to $1 million—control an estimated $10.2 trillion in wealth. Incumbent management firms have traditionally focused on high-net-worth clients, but the mass affluent market has become too big to ignore.
But the clock is ticking. A wide range of competitors are vying for a share of this market, from digital startups, robo-driven investment services, and low-cost trading platforms to blue-chip incumbents like Goldman Sachs. But success will elude those who stick to business as usual. Today's disruptive markets demand transformational strategies—and the infrastructure to support them.
Mass affluent investors want and increasingly expect personalized investment services. However, wealth managers can't deliver the same service levels they offer to high-net-worth individuals. As past experience has shown, that is not economically viable. Instead, firms must leverage automation, digitization, and analytics to deliver personalized, but largely self-service-driven, experiences that approach the high-touch offers reserved for high-net-worth clients.
Unfortunately, that is almost impossible with the traditional application-building environments and the disparate IT systems that support them. Development takes too long. It is too cumbersome to stitch together disconnected systems. And at the end of the day, firms end up delivering disconnected customer experiences.
Experience has also shown that a 12-to-24 month, bottom-up digital transformation project won’t solve the problem. They require massive upfront costs and significant project risk. And businesses end up with a solution that, in the age of disruption, is often out of date by the time it comes online.
So what is the answer? An enterprise-scale no-code application platform can close the gap. They enable you to accelerate application development, thanks to an all-visual building environment. Platforms like Unqork are also designed to seamlessly connect customer-facing applications with backend and third-party systems. Only in this way can businesses deliver unified customer experience across offerings, while simultaneously driving down IT and account servicing costs. Since enterprise-grade security and compliance can be deeply embedded in the DNA of a no-code platform, they can act quickly and confidently to unlock the enormous opportunity that the mass affluent market offers.