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Laxman Pai, Opalesque Asia:

A majority of 86% of wealth management firms believe digital is a key priority ahead of the coming year, and are currently implementing at least one digital initiative, said a study.

Meanwhile, 50% of firms were investing more than 10% of operating expenditure in digital - even as many businesses look for areas to save on spending amid the economic downturn, said the fifth annual Alpha FMC Wealth Management Digital Readiness survey.

The survey has found that 40% of wealth firms this year consider themselves strongly digitally capable or digital innovators, compared to 18% in 2021.

One of the biggest historic headwinds to success, internal adoption, is being overcome with over 60% of RMs showing a very high uptake, and where trading is available, more than half of firms see very high activity. This focus and investment have driven a rebound in client satisfaction, with 33% of respondents now meeting or exceeding client expectations versus just 8% in 2021.

According to the study, many entities in the sector are betting on the continued rush for digital to assuage their panicking customers - through legacy technology challenges continue to present their hurdles to that end.

More than half the wealth managers surveyed are using multiple operating models and technology capabilities. With the consistency of service and holistic reporting being critical to good client outcomes, integration projects will be critical to ensure firms......................

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