With a massive generational wealth transfer underway where $81 trillion will be flowing into the global wealth pool and to more digitally savvy heirs by 2026, Swiss banking software firm Temenos is looking to grab a slice of that market by enhancing its digital offerings.

On Wednesday, the company announced it is adding new functionality to its digital wealth application enabling banks and wealth management firms to bolster their digital services for high-net-worth (HNW) individuals.

To be sure, many wealthy individuals still prefer to talk to their client advisor in person, but many firms are looking to find the right balance between personal touch and digital offerings.

Alexandre Duret, senior product director at Temenos said the company's digital products provide established firms the opportunity to stay relevant while expanding their footprint among a new generation of high-net-worth customers.

«Importantly, the solution enhances the digital interactions while supporting a hybrid model that ensures optimal engagement between clients and their relationship managers,» he added. 

A Digital-First Mindset

With the enhanced product, clients can both receive and respond to investment proposals and get in touch virtually with their relationship manager, all within a mobile app. Clients will also be able to track their portfolios against their objectives and adjust their strategies.

«The next generation of high-net-worth individuals (HNW) has a digital-first mindset. With high levels of volatility and market uncertainly, there is an increasing need for curated digital servicing and digital advisory solutions that allow these HNW individuals to grasp the changing market dynamics quicker and give them greater control over their financial lives,» said Meghna Mukerjee, Strategic Advisor, Aite-Novarica Group.