Aite Group has announced the winners of the 2020 Digital Wealth Management Impact Innovation Awards. The awards, which will be highlighted during Aite Group’s Digital Innovation in Wealth Management Forum taking place virtually on July 15, recognize and celebrate the industry’s best and brightest financial services firms across six dynamic categories.
In its first year, the awards program honors innovation achieved by wealth management firms leveraging technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, or levels of automation and effectiveness that are bringing our industry one step closer to next-generation financial services. They are the wealth management firms, regardless of size, that others will follow. The winners across the six categories are as follows:
- Digital Investment Management Offering: Fidelity Investments for Fidelity Go
- Hybrid Advice Offering: Charles Schwab for Schwab Intelligent Portfolios Premium
- Digital Multiproduct Offering: MoneyLion
- Digital Engagement Strategy: Merrill Lynch Wealth Management and Bank of America Private Bank for Socialize
- Digital Initiative of the Year: Citizens Bank for SpeciFi Save & Grow
- Digital Startup of the Year: Facet Wealth
The award winners and finalists were selected based on the following criteria, which were considered when scoring each entry:
- Level of innovation and competitive advantage
- Market needs assessment
- Impact on customer experience
- Impact on customer operational efficiency
- Level of new revenue opportunity for the organization
- Impact on customer retention/new customer attraction
- Level of scalability across customer base
- Future roadmap
“The current pandemic puts traditional wealth management service models to the test and has dramatically increased the industry’s appreciation for and awareness of leading-edge digital engagement. That is why we are excited to recognize and celebrate innovative financial services firms that are shaping the future of digital wealth management,” states Alois Pirker, research director at Aite Group. “Their vision and creativity are enabling better customer experiences by offering new levels of service and efficiency,” he adds.
The winners were selected by a global panel of six external experts on digital wealth management. The identification of an Aite Group award winner or finalist is not an endorsement by Aite Group of any vendor, product, or service.
