Digital Maturity Remains An Elusive Goal : High Digital Demand but Low Maturity Threatens Profits
Wealth managers have joined HNWIs in expressing demand for digital tools, but they are not fully satisfied with the digital tools their firms provide.
Digital capability is also crucial to maintaining and growing profits, and up to 56 percent of firms’ net income is at risk but very few firms have built differentiated digital maturity into their businesses, putting a portion of profits at risk. This digital maturity and capability is only going to increase in importance as HNWIs increasingly embrace new FinTech capabilities, including automated advice platforms and online peer-to-peer (P2P) investment platforms.
In addition to the strategic roadmap shared in the 2014 World Wealth Report, wealth management firms can enable digital success by putting wealth managers at the center of digital transformation and collaborating with FinTech players.
Source: World Wealth Report 2016, Capgemini