In PwC’s view, to survive, wealth management firms must:
• Accelerate efforts to adopt a comprehensive digital infrastructure that integrates every aspect of their activities and corporate culture, from the back office to how they service clients and market to new prospects
• Harness the potential of digital to realise greater efficiencies, manage costs and advance their core client proposition by drawing on a much wider range of available data
• Be willing to partner strategically with FinTech innovators to deliver technological solutions at the speed the market expects
As for Thailand, Vilaiporn said some wealth management players have started to make progress over the past few years into better use of technology and analytics to enhance the client experience.
Even so, the broader industry largely remains in its infancy in adopting digital technologies. If wealth managers miss this growing trend, they risk losing market share.