For a long time, digital wealth management platforms were viewed as back-end support tools, used mostly for compliance, reporting, and operational tracking. But with rising demand for hyper-personalization, real-time advisory, and seamless investor journeys, that perception is gone. Today’s platforms are no longer behind the scenes. They are the scene.
When you compare the SPARK Matrix™ evaluations from 2023 and 2024, the narrative becomes clear: this isn’t a static market. It’s a dynamic race. One where vendors are being rewarded for agility, modularity, and AI-infused experiences, and penalized for standing still.
The Consistents: Holding Leadership With Purpose
Some vendors just didn’t survive this transition, they embraced it. Avaloq remains firmly at the top of the Leaders quadrant across both years. Its continued strength lies in offering an end-to-end digital wealth platform that blends front-to-back capabilities, risk intelligence, and customer-centric design.
Blackrock is another steady force. Its Aladdin platform remains one of the most sophisticated analytics and portfolio management systems globally. In both 2023 and 2024, it holds its ground, proving that data-driven wealth orchestration is no longer a differentiator, it’s a necessity.
Broadridge and Backbase also show no signs of slowing down. With Broadridge’s integrated wealth operations and Backbase’s user-first approach to digital experience, both vendors reasserted their top-tier positions in 2024. The takeaway? Platforms that bridge operations and engagement are winning.
Then there’s Prometeia, which didn’t just hold steady, it rose. It moved up in 2024, thanks to growing market validation for its AI-powered investment advisory suite, particularly among European private banks looking for tech-led differentiation.
The Risers: Big Leaps, Bold Bets
Finacle (Infosys) and LSEG are 2024’s most significant breakout stories. Neither appeared in the 2023 Matrix, but both landed squarely in the Leaders quadrant in 2024. Finacle’s rapid climb is fueled by its modular platform approach and strong advisory toolkits, while LSEG leverages its strength in analytics and real-time market data to create a compelling digital wealth proposition.
Envestnet is another one to watch. Previously a Strong Contender, it made a decisive move into the Leaders space in 2024. Although its customer influence falls a bit behind the pack, its integrated financial well-being and managed account features are assisting it in catching up.
TCS, which remained in the Strong Contender quadrant, nonetheless showed visible progress, shifting upward within the quadrant. Its improvements in cloud-native design and digital engagement are starting to resonate.
Intellect Design has also inched upward, fueled by its open finance stack and composable wealth tech modules that cater to banks looking to modernize incrementally.
The Drop-offs: Missed Steps, Missed Moments
All stories aren’t growth stories in 2024. Crealogix, a 2023 Leader, fell back to Strong Contender in 2024. Even with a legacy of digital banking knowledge, the platform appears to have had trouble differentiating in the ever more competitive wealth vertical.
Objectway’s journey is a bit more complex. It did enter the Leaders quadrant in 2024, but its customer impact score placed it closer to the lower end, indicating adoption gaps despite a robust platform suite.
EdgeVerve and FIS are present in the 2023 SPARK Matrix but disappeared in 2024. Might be due to a pivot in business strategy, reduced market momentum, or non-participation, not sure! but their absence reshapes the competitive field and opens space for emerging players.
The New Contenders: Quiet Entrances, Loud Potential
Three vendors made incredible entries into the Strong Contender quadrant in 2024: SS&C Technologies, Linedata, and InvestCloud.
These aren’t just incremental platforms. SS&C’s modular architecture and back-office depth, Linedata’s hybrid advisory models, and InvestCloud’s personalization tools all hit the sweet spot for mid-market wealth firms looking to modernize without overhauling.
They may not be in the Leaders quadrant yet, but the are suggestions that they might be heading there.
The Non-Movers: Still in the Game, But for How Long?
Comarch retained Strong Contender positions, with only mild movement. Their platforms remain functionally strong but has not demonstrated the speed that could propel them toward leadership. In the absence of breakthrough innovation, Comarch can end up stuck in mid-market, incremental roles.
In the case of Additiv, previously placed as a contender in 2023, was pushed down into the Aspirant quadrant in 2024. While its vision for embedded wealth and ecosystem play is strong, its execution appears to have fallen short of enterprise readiness and real market traction.
So, What Changed Between 2023 and 2024?
Do you want the short answer? Everything. Customer expectations have changed. AI went from being a feature to a foundation. And enterprise buyers started asking for platforms that are not just not just scalable, but also strategic.
The most successful vendors in 2024 demonstrated:
- Composable architectures that support both modular adoption and full-suite integration
- Deep AI capabilities for personalization, risk profiling, and portfolio management
- End-to-end advisory workflows that unify back-office intelligence with front-end experience
- Open data models that facilitate real-time insights, compliance reporting, and multi-channel delivery
Just as importantly, these vendors showed that wealth platforms must become enablers of lifelong financial journeys, not just transaction processors.
Final Thoughts: Wealth Tech’s Moment Is Now
Look at the SPARK Matrix™ from 2023 to 2024 and the message is clear. Digital wealth management is no longer about passive growth, it’s about strategic evolution. Platforms that invested in AI, UX, and integrated journeys are now defining the category. Those that didn’t? They’re fading fast.
For vendors, the future belongs to those who build for flexibility, scale for relevance, and innovate without pause. For enterprise buyers, the new mandate is to partner with platforms that don’t just digitize the past, but that help you architect the future, because in wealth tech, transformation isn’t an option. It’s already overdue.