Note from the Publisher: The study by CapGemini cited in the article below mirrors a recurring theme to information in an article from a recent study by Accenture in Canada and US that we published just yesterday. In both, statistical evidence points to dramatic increases in use of robos and fintech automation and suggests the need for wealth managers to get up to speed with their digital offerings and communications quickly.
“With up to half of their net income at risk due to poor digital capabilities, wealth management firms will need to explore partnerships with fintech upstarts to ensure their long-term success, according to a report from Capgemini.
Based on a survey of 5200 high net worth (HNW) individuals and 800 wealth managers across 23 countries, Capgemini’s World Wealth Report suggests that there is limited digital maturity in the industry, despite surging demand from clients.
HNW client demand for automated advisory services has shot up nearly 20 percentage points over the last year, from 49% in 2015 to 67% in 2016. Additionally, 47% say they now use peer-to-peer platforms at least weekly to find out about investment ideas.”