Eighty-two per cent of high net worth individuals in Asia-Pacific (ex-Japan) expect most or all of their wealth management relationship to be conducted through digital channels in five years.
This is in contrast to 61 per cent of HNWIs in the rest of the world, according to the Asia-Pacific Wealth Report 2014 released by Capgemini and RBC Wealth Management.
Demand for digital interactions, including through the emerging channels of mobile applications, social media, and video, is high across Asia-Pacific HNWIs of all ages and wealth levels.
The report notes that the stakes are high for firms that do not deliver a sufficient digital experience to the region's HNWIs: 83 per cent of those in Asia-Pacific (ex-Japan) would consider leaving firms that lack an integrated channel experience versus 62 per cent of those in the rest of the world.
"The risk of not getting digital right is high for wealth management firms in Asia-Pacific, as its high net worth individuals are distinguishing themselves as more digitally-minded than their peers in the rest of the world," says Jean Lassignardie, chief sales and marketing officer, Capgemini Global Financial Services. "Asia-Pacific wealth management firms will need to offer a deep, multi-channel experience that takes into account regional variations in order to meet these high expectations."