Morgan Stanley sees digital wealth management tools as next growth engines, and new cash management and payments tools as the enablers for improving customer relationships, said the bank’s CFO Jonathan Pruzan.
"As far as the next engine for growth for the bank, I think it’s going to be about the digital payment and cash management products," FierceFinanceIT quoted Pruzan as saying.
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"We think the next development of wealth management will help us deepen relationships with our clients, capture more of wallet and help drive business going forward.
Pruzan added that the US firm has launched digital platforms following the integration of its wealth management arm with Smith Barney.
Following this integration, Morgan Stanley has unveiled a wealth management app for clients, which enables clients to view all savings and investment products on one screen, broken out by asset class.
Moreover, the company has redesigned its digital platform for financial advisors. The redesigned platform features internal and external data feeds, helping advisors to customise recommendations for clients more easily.
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By GlobalData"One of the things that we have been able to do through the integration of the wealth management business is to innovate some or our digital platforms and invest in these technologies," added Pruzan.
