Digital Maturity in Asia-Pacific Not Keeping Pace with HNWI Demand


Wealth management firms in Asia-Pacific (excl. Japan) exhibit a lack of digital maturity that threatens to undermine their relationships with HNWIs. Firms are the weakest when it comes to engaging advisors through digital tools and helping them become more productive, scoring 2.7 on a 5.0 scale. Firms scored 2.9 in addressing the digital needs of clients, scoring equally on client experience and client capability parameters. From an enterprise perspective, firms also scored 2.9, gaining the most strength for having vision, but losing momentum in terms of fostering a widespread digital culture.

Though the need to take advantage of the coming digital disruption is apparent, firms in Asia-Pacific are still struggling to optimally allocate resources and investments. Keeping up takes up a significant portion of the available investment budget, followed by the need to upgrade internal processes. While firms have high expectations for improving client interfaces, developing new propositions, and fostering innovation, most of these efforts continue to take a backseat to more mundane but still pressing concerns.

Average Digital Maturity Score of Wealth Management Firms Across Enterprise, Advisory, and Client Parameters, H1 2016

Average Digital Maturity Score of Wealth Management Firms Across Enterprise, Advisory, and Client Parameters, H1 2016

Note: Wealth Firm Score is the regional average digital maturity score provided by wealth management industry executives; Third-Party Analyst Score is the average of ratings by third-party firms (non-FSIs)
Source: Asia-Pacific Wealth Report 2016; Executive Interviews, 2016