The 25th anniversary edition of the World Wealth Report indicates robo-advisory and WealthTech are now becoming increasingly popular among high-net-worth individuals in APAC.
The 25th anniversary edition of the WWR provides a longitudinal view of how technology has caused the changes in the Wealth Management (WM) space in the past 25 years.
Of particular note would be how APAC high-net-worth individuals (HNWI) are significantly more tech-savvy, with 71% of the APAC HNWIs saying that they prefer independently conducting transactions digitally over seeking human assistance.
In addition, robo-advisory and WealthTech are now becoming increasingly popular among the HNWIs, with more than a third of HNWIs interviewed in the report saying they are actively using WealthTech firms to manage their assets.
“Wealth management firms are facing a dynamic macro-economic environment considering rising costs, evolving customer expectations, new competitive players and client segments, and new asset classes. It is time for firms to push the frontiers of wealth management to capture customer mindshare by adopting the skills of new-age tech firms while maintaining the identity of a traditional wealth management institution,” said Elias Ghanem, Global Head of Market Intelligence of Capgemini.