Why tech-driven wealth management on the go still calls for a human touch
- A hybrid approach gives clients digital, do-it-yourself tools along with access to expert advice from a relationship manager
- Singapore-based DBS Treasures integrates other technologies into its solutions, such as artificial intelligence to support personalised investment guidance
In recent years, new technologies have brought widespread change to the world of banking, transforming not only the range of services on offer, but also the expectations of clients.
With online platforms allowing easy access to personal accounts and investment products without any geographic barriers, there has been a continuing rise in demand for wealth management services on the go. High-net-worth individuals (HNWIs) and others are looking to take full advantage of the flexibility and choices now available, as they adopt a more hands-on role with their finances.
For many people, it has become second nature to research and complete transactions via a mobile banking app, whether they are transferring funds, purchasing equities, trading in foreign exchange, or investing in unit trusts or ready-made portfolios.
The constraints on in-person meetings during the Covid-19 pandemic have accelerated the digitalisation of wealth management services. In a 2021 report titled “Digital Wealth Management in Asia: Will Firms Seize the Moment?”, multinational financial services firm AON pointed out that while “the human wealth adviser is a crucial constant in any wealth management relationship”, HNWI clients’ expectations of how that financial advice is delivered has changed. Now, they want “the option of a digitalised client journey that puts them in control and makes better use of their advisers’ expertise”.
As the world emerges from the pandemic and adapts to the new normal, the digitalisation trend is likely to continue.
For those who regularly move between countries and time zones for either work or leisure, the appeal of these tech-enabled, do-it-yourself functions is obvious. They make it possible for individuals to actively manage their own wealth and, when necessary, make immediate decisions.
