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Customers demand digital approach from wealth managers

Anuradha Shukla | May 24, 2016
Success depends on delivering services satisfactorily.

Generation X and Y clients want greater efficiency and a more digital approach from their wealth managers, according to a new report from Temenos and Forbes Insights.

Success of current wealth managers will depend on their ability to deliver such a service satisfactorily.

More than 40 percent of wealth managers agree that a mix of digital and offline ways of communicating is ideal.

This use of mix is very important as generations X and Y have begun to leverage both face-to-face meetings and digital platforms with equal ease.

"With this generational transfer of wealth underway, firms must be alert to the challenges presented by a more complex set of customer needs - as well as growing cyber risks," said Pierre Bouquieaux, Product Director, Wealth Management at Temenos. "Yet, this is a fantastic opportunity. These findings highlight that increasingly intelligent technology will help wealth managers redefine processes, find new efficiencies and build better relationships with their clients."

Evolving banking experience

Thirty-four percent of High-Net-Worth (HNW) clients demand some form of digital communication from their wealth manager.

Nearly two-thirds (62 percent) of HNW clients favour 'the digitization of wealth management services' - but still want to meet often with an advisor.

Seventeen percent of HNW clients find technology as essential, and 48 percent of them rate cyber risk and hacking as a top concern related to the use of technology.

The report points out that an increasingly complex set of customer demands will drive firms to modernize their technology approach without alienating older clients.


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