7 in 10 wealthy Singaporeans willing to leave digitally incompetent wealth managers

Willingness is 2nd in the region.

Aiming to keep their clients, a leading financial services company headquartered in Singapore has made a multi-million dollar investment in cognitive computing, a technology that analyzes large amounts of structured and unstructured data, to help the firm provide faster and more personalized advice to HNWIs.

Capegemini’s Asia Pacific Wealth Report 2014 reveals that Singapore’s wealthy don’t find it difficult to transfer responsibility from one wealth manager to another.

According to the report, Singapore is second highest on both the proportion of HNWIs who might leave the firm due to lack of transact and engage digital capabilities

Capegemini adds that 87.7% of HNWIs with wealth between $1m-$5m might leave the firm if integrated channel experience is not provided, 66.7% of HNWIs under 40 expect most or all of the WM relationship to be digital within next five years, and 74.3% of HNWIs in Singapore would leave if the firm lacks transact digital capability.