Digital transformation in wealth management

THE consumer banking retail market has seen an ongoing, keen race to provide the best online and digital platform to distribute products and services to their customers. Non-bank institutions have also been making inroads into the financial products space as the architecture for providing self help portals can be quite easily replicated. Transacting online is made possible as products and services offered are usually commoditised, or are relatively standardised with some flexibility from a given set of pre-fixed options.

In wealth management, there appears to be a similar race to provide the most innovative digital platform for today's increasingly sophisticated and tech-savvy wealthy clients.

How differently should the wealth segment harness the possibilities in the digital world to offer clients a convenient, intuitive and seamless solution to manage their investments and perform transactions?