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Highlights of survey findings include:
- Digitization is accelerating in response to growing cost pressures, the rising importance of fees and charges as differentiators, the rise of low-cost passive funds, the market entry of fintech and internet giants, and a new generation of digitally-savvy investors.
- 54 % of asset managers have adopted social media tools, while 56 % of wealth managers have adopted new digital platforms; blockchain is the least implemented of eight digital tools cited.
- 80 % of asset managers and 77 % of wealth managers expect digitization to partially or fully disrupt their industry within ten years.
- The majority of those surveyed envision a competitive landscape of alliances with external disruptors or the development of proprietary platforms; only a minority expects external disruptors to carve out niches.
- Early adopters report reduced operating costs, stronger market position, higher efficiencies, improved regulatory compliance and better client experience.
The full survey results are detailed in a 32-page report, “Digitization of asset and wealth management: promise and pitfalls,” authored by Amin Rajan, CEO, CREATE-Research. He notes that, “The key driver of digitization in the years to come will be changing client behaviors, under which financial services will evolve from being supply-led to demand-led. This means that wealth management is at the dawn of a new transformation, more far reaching than anything experienced before. Digitization is not the first choice or the last choice; it is the only choice. The future belongs to those with a clear vision for their business in the digital age.”