Digital has become the pressing mandate for meeting client expectations, reducing flight risks and increasing profitability in the wealth management industry, says the ‘World Wealth Report 2014’ by Capgemini and RBC Wealth Management. The report’s ‘Global HNW Insights Survey’ found that nearly two-thirds of the world’s high net worth individuals (HNWIs) expect to manage most or all of their wealth relationship digitally in five years and would consider leaving their current firm if an integrated channel experience is not provided. HNWIs across all geographies are demanding digital capabilities from firms, led by those in emerging markets. Eighty-two per cent of HNWIs in Asia-Pacific (excluding Japan), 74 per cent of those in Middle East and Africa, and 70 per cent of those in Latin America expect that the majority or all of their wealth management relationships will be run digitally in five years. North American HNWIs have the lowest demand with just over half (58 percent) expecting a primarily digital wealth management relationship in five years.
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