Sink or swim: Why Wealth Management can't afford to miss the digital wave

Wealth management is one of the least tech-literate sectors of the financial services industry, and is falling well behind non-financial services industries. PwC’s report, ‘Sink or swim: why wealth management can’t afford to miss the digital wave’,  draws on interviews with wealth relationship managers, CEOs and FinTech innovators, and insights from a survey of 1,000 HNWIs in Europe, North America and Asia, reveals just a quarter of wealth managers offer digital channels beyond email. Over half of HNWIs surveyed believe it is important for their financial advisor or wealth manager to have a strong digital offering – a proportion that rises to almost two-thirds among HNWIs under 45 and in Asia. Where HNWIs are digitally confident, expectations that wealth managers should be technologically proficient are higher still. Yet, players in the wealth management sector seem to be oblivious to their technology inadequacies, some even overestimating their firm’s digital capability, rating it digitally sophisticated, when the only service offered to clients is a website.  Download the report here to read more...

 

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