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Digital capabilities among client expectations, says WWR 2014

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Press Trust of India Mumbai
Last Updated : Jun 20 2014 | 8:28 PM IST
Digital capabilities are the pressing mandate for meeting client expectations, reducing flight risks and increasing profitability in the wealth management industry, the World Wealth Report 2014 (WWR), released today by Capgemini and RBC Wealth Management, said.
"Demands for digital capabilities know no boundaries when it comes to age, wealth, or geography. Clients want their touch points with wealth management firms to be seamless and fully-integrated every time," Capgemini Global Financial Services Chief Sales and Marketing Officer Jean Lassignardie said.
"These latest WWR findings reinforce the importance of recognising digital as a truly disruptive force in wealth management industry, requiring firms to adapt their business models to meet client expectations", he said.
High networth individuals (HNWI) across all ages, wealth levels and geographies expect more digital capabilities from their wealth management firms in five years, the report said.
Three clear HNWI performance clusters have emerged among the top 25 markets since the crisis in 2008, with the above- average growth country cluster representing a diverse mix of markets.
India along with China, Russia and Taiwan comprise the above-average growth cluster, while Latin America and the Eurozone, meanwhile, have lagged, the report said.
Since the 2008 financial crisis, the top 25 markets fall into three distinct categories of growth.
The above-average growth country cluster represents a diverse mix of markets, including the smaller, oil-rich markets of Norway and Kuwait, the regional and global financial centres of Hong Kong and Singapore, as well as the emerging economic powerhouses of China, India, Russia, and Taiwan, the report said.

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First Published: Jun 20 2014 | 8:28 PM IST

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