Aon’s research of wealth management clients in Asia finds a strong desire for low-cost digital delivery. However, clients say customer service and human interaction also remain important. These priorities give fintech startups and traditional advisors strengths to build on.
Digitalisation has been transforming the Asian wealth management industry for years, and recent government action has accelerated that trend.
By October 2021, the Hong Kong Monetary Authority (HKMA) launched eight virtual banks to promote fintech and innovation, as well as offer a new kind of customer experience. Meanwhile, the Monetary Authority of Singapore (MAS) has approved the country’s first digital banking licenses to strengthen Singapore’s banking and finance sector.
Aon's Global Insights database, which collected data from wealth clients throughout 2021 covering all the key markets in Asia, provides key insights into the sentiments of approximately 1,200 high net worth individuals (HNWIs) with investible assets of more than $1m. Findings revealed a strong openness and appetite towards being serviced digitally. Close to 60 per cent of HNWIs in Asia are willing to manage their wealth through digital channels – most notably among clients residing in emerging markets such as Indonesia, China and Malaysia.
***To read the full article, which was first published in The Financial Times' Professional Wealth Management publication, please click here.