Coutts' Syed: Those not looking at blockchain are burying their heads in the sand

Too much fragmentation in wealth management

Mohammad Syed, managing director and head of global markets at Coutts, has issued a stark warning to wealth managers not investing in technology, claiming they will be left behind by the industry.

Syed said if wealth managers did not invest in the best technology available, then costs would simply be passed onto the end client. The global markets head said Coutts has invested close to £20m in its wealth platform over the past two years in order to ensure the firm's systems remain efficient and cost effective. "As technology is moving at such a rapid pace, what you put in today is fundamentally obsolete by the time you actually implement it. But if you have not done it all, imagine how far back you are going to be," Syed said. He added there was fragmentation within the wealt...