In a recent McKinsey article “Analytics transformation in wealth management” the authors address the importance of digital transformation with advanced analytics capabilities as an enabler for wealth management companies to deliver value-add services to their clients.
Having identified the need for digital transformation, companies will focus on the “how-to” question. The article provides an insightful read for any entity (not only those in wealth management) looking to address this transformation challenge as the analytics-based transformation path presented is industry agnostic.
The article highlights the need to build cross-functional teams as a driver of analytics-based transformation and states that many of the roles in these teams will be new to the organisation. It is reasonable to assume that most companies will need to invest heavily in the recruitment of these new roles. To scale quickly and efficiently requires companies to prioritise their recruitment investment in terms of both time and budget, and the example team used in the article (see diagram) integrates an outsourced or insourced offshore technology solution delivery squad as an enabler.