Digital banking capability: Rise of smart digital wealth management

Kenya’s banking sector has embraced digital transformation at an impressive pace, especially in transactional services.

The Banking Sector Innovation Survey 2024 by the Central Bank of Kenya shows that 98 per cent of financial institutions have adopted mobile platforms through apps or USSD to enhance customer convenience and operational efficiency.

However, while basic banking has gone digital, the CBK report notes, wealth and investment management remain among the least digitised segments of the financial services sector.

Traditionally, wealth management has relied on a personalised, consultative model built on face-to-face engagements with financial advisers and relationship managers.

This remains important. However, the future lies in a hybrid model; one that blends the power of digital innovation with the deep expertise of Relationship Managers (RMs) and Wealth Specialists.

This dual approach enables banks to deliver high-quality, customised financial services that are both efficient and accessible. It caters to all client segments, from the Emerging Affluent to High Net-Worth (HNW) individuals, by combining digital tools for convenience with human insight for strategic planning.

Smart digital wealth platforms are designed to provide clients with personalised investment options, real-time market insights, and easy-to-navigate interfaces.

These capabilities empower individuals to take control of their financial future, make informed decisions, and grow their wealth over the long term.

While institutions are investing heavily in digital wealth management, they are also doubling down on relationship-led models. That’s because for affluent clients and those seeking complex investment solutions, the RM remains central.

The key difference today is that the distribution of wealth solutions is increasingly digitised bringing efficiency and accessibility without compromising the value of human connection.

Today’s investors want more than access – they want control. They expect to monitor, manage, and adjust their portfolios in real time, on their own terms.

They value digital tools that fit seamlessly into their lives, offering personalised insights, on-demand support, and full transparency throughout their financial journey.

This evolution has led to the rise of smart digital wealth management: a model that fuses mobile access, data-driven insights, and hybrid advisory services.

Rather than replacing human advisers, technology enhances their value. Clients can still engage with experts when needed, while also handling routine tasks independently.

A good example is Standard Chartered’s SC Mobile and Online Banking platforms, which feature investment profiling tools, capability to monitor, buy and sell investments solutions real time. Investment profiling tools help determine a client’s investment type, guiding them toward the most suitable products—ensuring alignment with their goals and risk appetite.

The Bank’s open architecture approach which links over 200 fund managers to the digital banking platforms, further gives clients access to diversified and comprehensive solutions.

These efforts reflect a larger industry trend; the move toward highly personalised, tech-enabled wealth journeys. Today’s investor is tech-savvy, financially aware, and values autonomy; yet still appreciates expert input.

To meet this need, hybrid advisory models are growing in popularity, combining the analytical power of algorithms with the nuanced judgment of seasoned professionals.

Artificial Intelligence (AI) is also transforming wealth management. From smart portfolio rebalancing to real-time alerts, AI-driven platforms help clients make timely, data-informed investment decisions. These innovations are not just about efficiency—they’re making wealth services more inclusive and accessible than ever before.

Smart platforms also open doors to global investment opportunities. Clients can now manage cross-border portfolios, view multiple accounts in a unified dashboard, access funds in various currencies, and communicate with their RM anytime, anywhere.

These award-winning efforts have been validated globally – with The Digital Banker’s 2025 Middle East & Africa (MEA) Retail Banking Innovation Awards feting the Bank with Best Hybrid Wealth Management Offering, Wealth Manager for the Mass Affluent, Digital Wealth Platform and Wealth Hub of the Year awards.

However, this digital shift must be approached with care. Financial institutions have a responsibility to ensure platforms are secure, intuitive, and inclusive. While many clients are embracing digital tools, others need support to understand risks, evaluate their options and plan for long-term success.

That’s why education, trust, and intuitive design remain cornerstones of effective digital wealth platforms. And during times of market volatility or personal transition, the human element remains essential.

Ultimately, the opportunity lies in integrating the best of both worlds: providing clients with the autonomy and convenience of digital, without losing the personalised guidance that builds lasting financial confidence.

The author is Standard Chartered’s Head of Wealth & Retail Banking, Kenya and East Africa.