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Jun. 20, 2017
Report: Digital Wealth Management in Asia

Digital Wealth Management Key to Winning Asian HNWIs

Report: Digital Wealth Management in Asia

As HNWIs’ wealth continues to grow in Asia, highly dynamic emerging markets like China and India are moving into the focus of digital wealth management. Wealth managers able to adapt to these countries’ unique digital ecosystems gain access to a large share of HNWIs’ assets which are still under-served by wealth management institutions and their traditional channels. 

The report "Digital Wealth Management in Asia: Focus on China and India" focuses on Asia’s leading emerging wealth management markets in China and India and pictures the unique market conditions and why they are predestined for digital wealth management offerings. For an in-depth assessment of the current situation, the report profiles the digital offerings of the ten leading wealth managers in each market. The strengths and weaknesses of each wealth manager’s websites, mobile apps, social media presences and overall digital strategy are evaluated separately along 22 and 19 criteria for China and India respectively. In total, the report evaluates more than 100 websites, mobile apps and social media presences targeted at HNWIs in China and India. The learning points of this benchmarking allow us to make clear recommendations for wealth managers who are planning to gain entry to the markets or who are aiming at strengthening their market position and brand. 

The research shows clearly that wealth managers following a ‘one-size-fits-all’ digital approach will set themselves up for a major strategic disaster: success in Asia’s digital wealth management means – even more than in Europe or North America – gaining a deep understanding of local online culture, regulation and the digital competitive landscape. 

While wealth managers in China have to take into account the expansion and strong reputation of technology providers such as Tencent and Alibaba in the financial markets, the Indian market requires wealth managers to focus less on competitors in the tech sector and more on digitally developing deeply localized services and building clients’ financial literacy online. The report details and analyzes some of many differences in client needs and expectations to derive data-driven recommendations for wealth managers planning to enter and succeed in these highly attractive markets. 

Additionally, the report provides an overview of Asian FinTech markets as we expect technological developments in these markets to affect the global FinTech market and spill over to wealth management markets in other regions of the world. The report also briefly discusses the digital wealth management markets in Thailand and Indonesia and the consequences of the digital offerings of wealth managers in these markets. 

The battle for the Asian digital wealth management markets has just begun, and China and India will be the major battlegrounds. Only those players who fully understand the conditions and landscape of the battlefield will be among the winners; this report provides the required data, analysis and recommendations for wealth managers to be on the winning side. 

About the report: The report “Digital Wealth Management in Asia: Focus on China and India” analyzes in detail the digital wealth management offerings of the 10 largest wealth managers in China and India. The strengths and weaknesses of each wealth manager’s websites, mobile apps, social media presences and overall digital strategy are evaluated separately along 22 and 19 criteria for China and India respectively. In total, the report evaluates more than 100 websites, mobile apps and social media presences targeted at HNWIs in China and India. In addition, the report provides an overview of the Asian FinTech markets, presents best practices in digital wealth management in Asia, and offers in-depth recommendations on how to develop winning digital presences to target High Net Worth Individuals in China and India. More info on report.

Analyzed wealth managers in China: ABC Private Banking, BOC Private Banking, BNP Paribas Wealth Management, CCB Private Banking, Citigold Private Clients, CMB Private Banking, HSBC Private Banking, ICBC Private Banking, Noah Holdings Limited, UBS China Wealth Management 

Analyzed wealth managers in India: Barclays Wealth, BNP Paribas Wealth Management, Centrum Wealth Management, Citigold Private Clients, Deutsche Bank Wealth Management, IIFL Private Wealth Management, ICICI Wealth Management/Private Banking, Julius Baer, Kotak Wealth Management, Sanctum Wealth Management

 

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Report: Digital Wealth Management in Asia

Digital Wealth Management Key to Winning Asian HNWIs

  Jun. 20, 2017

Report: Digital Wealth Management in Asia

As HNWIs’ wealth continues to grow in Asia, highly dynamic emerging markets like China and India are moving into the focus of digital wealth management. Wealth managers able to adapt to these countries’ unique digital ecosystems gain access to a large share of HNWIs’ assets which are still under-served by wealth management institutions and their traditional channels. 

The report "Digital Wealth Management in Asia: Focus on China and India" focuses on Asia’s leading emerging wealth management markets in China and India and pictures the unique market conditions and why they are predestined for digital wealth management offerings. For an in-depth assessment of the current situation, the report profiles the digital offerings of the ten leading wealth managers in each market. The strengths and weaknesses of each wealth manager’s websites, mobile apps, social media presences and overall digital strategy are evaluated separately along 22 and 19 criteria for China and India respectively. In total, the report evaluates more than 100 websites, mobile apps and social media presences targeted at HNWIs in China and India. The learning points of this benchmarking allow us to make clear recommendations for wealth managers who are planning to gain entry to the markets or who are aiming at strengthening their market position and brand. 

The research shows clearly that wealth managers following a ‘one-size-fits-all’ digital approach will set themselves up for a major strategic disaster: success in Asia’s digital wealth management means – even more than in Europe or North America – gaining a deep understanding of local online culture, regulation and the digital competitive landscape. 

While wealth managers in China have to take into account the expansion and strong reputation of technology providers such as Tencent and Alibaba in the financial markets, the Indian market requires wealth managers to focus less on competitors in the tech sector and more on digitally developing deeply localized services and building clients’ financial literacy online. The report details and analyzes some of many differences in client needs and expectations to derive data-driven recommendations for wealth managers planning to enter and succeed in these highly attractive markets. 

Additionally, the report provides an overview of Asian FinTech markets as we expect technological developments in these markets to affect the global FinTech market and spill over to wealth management markets in other regions of the world. The report also briefly discusses the digital wealth management markets in Thailand and Indonesia and the consequences of the digital offerings of wealth managers in these markets. 

The battle for the Asian digital wealth management markets has just begun, and China and India will be the major battlegrounds. Only those players who fully understand the conditions and landscape of the battlefield will be among the winners; this report provides the required data, analysis and recommendations for wealth managers to be on the winning side. 

About the report: The report “Digital Wealth Management in Asia: Focus on China and India” analyzes in detail the digital wealth management offerings of the 10 largest wealth managers in China and India. The strengths and weaknesses of each wealth manager’s websites, mobile apps, social media presences and overall digital strategy are evaluated separately along 22 and 19 criteria for China and India respectively. In total, the report evaluates more than 100 websites, mobile apps and social media presences targeted at HNWIs in China and India. In addition, the report provides an overview of the Asian FinTech markets, presents best practices in digital wealth management in Asia, and offers in-depth recommendations on how to develop winning digital presences to target High Net Worth Individuals in China and India. More info on report.

Analyzed wealth managers in China: ABC Private Banking, BOC Private Banking, BNP Paribas Wealth Management, CCB Private Banking, Citigold Private Clients, CMB Private Banking, HSBC Private Banking, ICBC Private Banking, Noah Holdings Limited, UBS China Wealth Management 

Analyzed wealth managers in India: Barclays Wealth, BNP Paribas Wealth Management, Centrum Wealth Management, Citigold Private Clients, Deutsche Bank Wealth Management, IIFL Private Wealth Management, ICICI Wealth Management/Private Banking, Julius Baer, Kotak Wealth Management, Sanctum Wealth Management

 

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