Saxo study on the future of digital wealth reveals banks increasingly turning to external partners amidst AI pressures
COPENHAGEN, 6 OCTOBER 2026 – Banks are increasingly turning to external partners to modernise their wealth management and brokerage offerings, according to a new study about the future of digital wealth released by Saxo today.
The study, which surveyed 332 senior decision-makers across banking, brokerage, and fintech across Europe, the Middle East and North Africa (MENA), and Asia-Pacific (APAC), points to an industry facing growing pressure to modernise.
Against this backdrop, financial institutions are reconsidering how they build and deliver their digital wealth capabilities, with half (50%) of respondents favouring a hybrid operating model that combines internal expertise with a single outsourced provider for the long term.
Digital wealth ambitions outpace execution
Despite growing pressure to modernise, majority of the financial institutions acknowledged they are still far from digital maturity in the study. Fewer than one-third (28%) of respondents described their wealth and brokerage capabilities as advanced. Most (43%) classified themselves as fairly advanced, with some ability to personalise client experiences and a partially digitised value chain.
The findings suggest that while digital transformation remains a strategic priority, many institutions continue to grapple with the complexity of upgrading technology, integrating systems and scaling digital capabilities across their organisations.
Legacy technology continues to hold banks back
Legacy technology remains a significant hurdle for these institutions. On average, respondents reported that their core wealth and brokerage technology stack is 6.7 years old, rising to 7.5 years among firms that manage these capabilities entirely in-house.
The findings also point to a gap between perception and reality. While three-quarters (75%) of respondents believe banks are well equipped to deliver digital wealth and brokerage propositions, nearly four in five (79%) say banks are launching new offerings without all the capabilities needed to support them.
The race to keep up with AI is intensifying
The research also uncovered growing concerns over the impact of artificial intelligence (AI) on the competitive landscape. AI-driven robo-advisories and automated investment services emerged as the most-cited competitive threat (48%), ahead of Big Tech firms entering financial services (43%) and neo-brokers offering low- or zero-cost trading (36%).
Commenting on the research, Henrik Alsøe, Global Head of Institutional, Saxo Bank, said:
“Banks are operating in an environment where both the opportunity and the pressure have never been greater. Growth in global wealth is creating significant business opportunity but advances in AI keep raising the bar.
The challenge for many institutions is no longer recognising the need to modernise but modernising quickly enough to stay competitive. As a result, more are turning to strategic partners who can help them continually innovate, scale their offerings, and adapt to evolving client needs.”
Click here to read the full report.
About the research
The research was commissioned by Saxo and conducted by Savanta, a market research consultancy, among 332 senior decision-makers from commercial and investment banks, private banks, brokers, fintechs and challenger banks across Europe, the Middle East and North Africa (MENA), and Asia-Pacific (APAC). The study was conducted during the summer of 2026 and supplemented by 18 in-depth interviews with senior leaders across the banking, brokerage and fintech sectors.
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Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional grade tools and easy access to global financial markets for anyone who wanted to invest.
Today, Saxo is an international award-winning FinTech for investors, traders, and Institutional (BaaS) partners who are serious about making more of their money. As a well-capitalised and profitable FinTech, Saxo is a fully licensed SIFI bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions.
As one of the first fintechs in the world, Saxo continues to invest heavily into technology to ensure that Saxo’s clients and partners enjoy unparalleled client experience, broad access to global capital markets across asset classes on our industry-leading platforms. Saxo’s open banking technology (BaaS) powers more than 150 financial institutional partners, boosting the investment experience and the tools offered to end clients (B2B2C).
Headquartered in Copenhagen and serving more than 1.7 million clients and over 400 partners in total, the group recently reached new highs with client assets of more than EUR 115 billion. Saxo employs more than 2,400 professionals in financial centers around the world including London, Singapore, Amsterdam, Zurich, Dubai, and Tokyo.
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