Potential of Wealth Management Market in Asia

Potential of Wealth Management Market in Asia

Potential of Wealth Management Market in Asia

The potential of the wealth management market in Asia? With the mass-affluent and affluent segments growing fast, this is a huge opportunity for banks and wealth managers to tap into this market.

According to a recent study by McKinsey, the wealth pool of this group is projected to reach $4.7 trillion by 2026, and the potential incremental revenue for banks and wealth managers is estimated at $20 billion to $25 billion. That's more than half of the industry's revenue growth in Asia over the next three years.

The key to success for banks and wealth managers is to tailor their approach and use digital and AI to engage with this market. With the majority of affluent and mass-affluent customers in Asia open to receiving advisory services through digital channels, this is the perfect time to jump in.

But to win over these investors, banks and wealth managers need to adopt a full-stack approach across four dimensions: segmented customer value propositions, reimagined digital engagement, AI-powered decision making, and the right operating model and talent.

It's all about putting the customer first. By making personalized recommendations based on the needs of specific segments, banks and wealth managers can provide a better, more tailored experience. With a new approach, not just based on traditional metrics like portfolio size and income level, but also incorporating attitudes and behaviors, banks and wealth managers can provide a unique and valuable experience for their clients.

In conclusion, the wealth management market in Asia is growing rapidly, and with the right approach, banks and wealth managers can capture this opportunity and provide a valuable experience for their clients. Don't miss out on this exciting opportunity!




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