Insight Report: Digitalization at Family Offices in Europe
Why Digitalization and Digitisation matters for Family Offices
Single family offices as well as multi family offices are not known as innovative digitalization leaders. But times are changing and the improvement of traditional processes and habits gets more and more necessary. Through clever digitalization approaches in communication, reporting, risk management and investments family offices can get better in various areas. Fixed costs can be decreased and thereby the investor’s return can be increased. Services can get more customer-friendly. And additional features might win new customers or satisfy family members.
Nowadays there are various opportunities for family offices to digitalize and improve their work. We are summarizing the areas with the main opportunities and offering detailed insights.
How Family Offices digitalize their processes and communication
Internal processes and communication as well as external communication is essential for family offices. Through digital services the added value of the multi and single family offices can be significantly increased. Digital communication tools like Slack can enhance the family office performance and enables faster reaction times. Reporting tools give customers and family members whole new opportunities: wealth and portfolio performance can be monitored in apps and dashboards instead of only yearly reports.
How family offices investments are digitalized
Incredible opportunities lie in the digitalization of the often lengthy and analogue investment process. For example, modern real estate tools allow for better and easier asset management and monitoring. Digital private equity providers deliver easier fund access and management. Innovative risk management software enhances performance and decreases the risk of losses.
How family offices are investing in digitalization ideas, companies and startups
Many entrepreneurial family offices are actively investing in digital companies and digitalization approaches. We monitor the most important investment opportunities.
How digital are Europe's family offices
In the upcoming months we will conduct a extensive survey in the European single and multi family office market regarding digitalization topics.