Re-live GEEK Up DPA14: Digital Product in Wealth Management

Wealth Management is a relatively new and somewhat unfamiliar field in Vietnam. While it has long been established and gradually developed in advanced economies around the world, the concept is still emerging in Vietnam. Entrusting wealth management to a specialized company to effectively grow wealth is both an exciting and challenging proposition. It requires not only financial knowledge and trust, but also the convenience of communication, operation, and investment.

In today's technology-driven world, leveraging technology effectively can significantly enhance the business and operations of Wealth Management companies. So, what should be the strategy for applying technology and building digital products to serve the business and operations in Wealth Management? The 14th Digital Product in Action (DPA) workshop, held on June 27, 2024, addressed this very question. DPA14 attracted 50 attendees, with over 70% being senior leaders from renowned financial companies and institutions in Vietnam.

DPA14: Digital Product in Wealth Management: Growing Strategies for The Next Wealth Client
The workshop focused on sharing strategic directions and pioneering digital product solutions for Wealth Management. This marks a significant step forward in exploring and shaping the future of the Wealth Management sector in Vietnam.

Four seasoned experts in Finance, Securities, Investment, User Experience, and Application Development shared their insights:

• Mr. Anh Diep - Deputy CEO | Kafi Securities
• Ms. Giang Nguyen - Founder & CEO | Tititada
• Ms. Alex Le - Product Design Lead | GEEK Up
• Ms. Amy Le - Head of Revenue | GEEK Up

Below is a summary of the valuable insights shared at the workshop.

Wealth Management Market and Customer Needs

Wealth Management - A Potential Yet Challenging Market

Wealth Management is recognized as a promising new market in Vietnam, with an estimated scale reaching USD 600 billion by 2027. The speakers at DPA14 agreed that several factors are driving the development of the Wealth Management market:

1. High economic growth rate;
2. Increasing number of high-income individuals;
3. Low savings interest rates and the shifting trends in other investment forms, creating momentum for Wealth Management growth.

However, alongside these potentials, there are significant challenges for businesses in the Wealth Management sector. The regulatory framework remains unclear, and the competition among companies in this industry is fierce. The most notable issue is the lack of diversity in financial products. Additionally, financial literacy is a crucial concern for Affluent and High-Net-Worth Individuals. To unlock this market, Pioneers are needed to lead and innovate.

Enhancing Financial Literacy of Customers

According to Ms. GIang Nguyen (Founder & CEO of Tititada), Tititada aims to provide access to financial and investment products for everyone, starting with enhancing financial management knowledge and awareness. For customers, Wealth Management is a long-term endeavor but offers quick benefits through efficient asset and financial management. Trust is a key factor, and businesses in this market must invest time and effort to build it.

The journey to enhance financial literacy will eventually reach a tipping point. At that time, both customer awareness and the Wealth Management market will grow rapidly. From now until that tipping point, businesses have numerous opportunities but must also invest substantial time and effort to ride this wave.

The Role of Technology and Pioneering Digital Solutions

There are two crucial aspects to focus on when developing digital products for Wealth Management businesses: Core Technology (Wealth Tech) and the Digital Customer Journey.

Wealth Tech for performance and risk management requires businesses to have deep financial industry knowledge. This core technology cannot be built quickly but must be developed over time, as sufficient data is needed to form a robust foundation.

Meanwhile, the Customer Journey encompasses all interactions between customers and the digital product/business. From accessing services, opening accounts, transferring money, monitoring investment portfolios to withdrawing funds, every action needs to be seamless. The Customer Journey can be built quickly through digital products with concise and high-value features. This helps investors save time and optimizes the asset growth process, thereby fostering long-term trust with customers.

Pioneering Digital Solutions for Wealth Management

With 10 years of experience developing over 150 digital products, GEEK Up has distilled comprehensive Product Solutions for the Wealth Management sector. GEEK Up is confident in its ability to develop any asset management platform efficiently, from strategic planning to market deployment, establishing itself as a reliable partner in pioneering digital solutions for Wealth Management.

Key Aspects of Valuable Digital Products for Businesses and Users: According to Ms. Alex Le, three factors contribute to a successful digital product:

1. User Experience: Focus on the value the product provides to users, ensuring an optimal user experience.
2. Business Workflow: Digitize operational flows, combining traditional and modern methods;
3. Technology Architecture: Use Adaptive Architecture to easily adapt to changes;

Based on different business models and the target wealth management customer segments, GEEK Up recommends varying levels of these aspects to help businesses develop digital products that meet needs and create long-term impacts for customers. GEEK Up is committed to innovation and continues to lead the market in providing pioneer digital solutions for the wealth management sector, meeting all business needs and expectations.

Follow GEEK Up and the next DPA conference to explore pioneering digital solutions and together build a smarter future for wealth management.