Sink or swim: Why wealth management can’t afford to miss the digital wave
As the rise of technology continues to disrupt how we do business, it is pertinent that traditional industries such as wealth management must continue to re-evaluate how they utilise technology. Until now, wealth management’s personalised response has relied on human effort. However, with 69% of high net worth individuals using online and mobile banking and only a quarter of wealth managers currently offering digital channels there is an obvious disconnect.
PwC’s report which draws on interviews with wealth relationship managers, CEOs and FinTech innovators, and insights from a survey of 1,000 high net worth individuals (HNWIs) in Europe, North America and Asia, reveals just a quarter of wealth managers offer digital channels beyond email.
Key points
- Wealth management is one of the least tech-literate sectors of FS
- High net worth individuals (HNWIs) enthusiastically adopt technology
- CEOs of wealth managers recognise the need to adopt digital, but meet resistance from Relationship Managers
- Weak affiliation to traditional wealth managers is creating a sector vulnerable to FinTech incomers
- Ignoring this state of affairs is not an option
- Opportunity for wealth managers that combine the very best of technological and human capital
- Firms that continue to resist digital innovation face becoming less competitive
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