September 19, 2019
How investment firms can compete when “what if” becomes “what is”
Earlier in 2019, EY imagined that wealth management would become as convenient and engaging as online shopping or social media. We asked “what if wealth was a service,” and explored how traditional and nontraditional players could collaborate to offer proactive, hyper-personalized investment advice delivered through a digital intermediary. Today, fantasy is now becoming a reality – especially in Asia-Pacific, where technology is advancing faster than anywhere in the world. Asia-Pacific hubs are now granting licenses to “virtual” or “digital banks,” which deliver products and services digitally rather from a physical branch. These power consortiums comprised of FinTech, big tech, nontraditional and traditional players stand to offer far more than traditional financial services firms. An EY article provides details.