Written by: Gareth Flanagan
66% of Individuals would consider switching financial firms due to their digital shortcomings
The 2014 World Wealth Report has highlighted the importance of financial firms adopting a digital philosophy. Those who don’t risk the real threat of losing current clients and future business.
According to the report:
- 66% of Individuals would consider switching financial firms due to their digital shortcomings
- High Net Worth Individuals are demanding access to digital wealth management capabilities, regardless of age
- 57% of (HNWI’s) expect their wealth management to be primarily digital within the next 5 years
Watch the short video above to view a summary of the recent findings from the World Wealth Report. You can also view the full report at the bottom of this post.
Regardless of age, wealth level, geography and need for advice, HNWIs are demanding digital capability from the wealth management industry and two-thirds would consider leaving their wealth management firm if an integrated online and communication experience is not provided.
HNWI’s Demand Digital Relationships With Financial Firms
According to the world wealth report 2014, two-thirds or 65% of the world’s High Net Worth Individuals expect to run most or all of their wealth relationships digitally in 5 years.
High Net Worth individuals prioritise the web to keep them informed and they favour more personal online interactions to engage with firms.
This insight highlights the growing dependency and demand for an online relationship between HNWI’s and financial firms.
HNWI’s Are More Influenced By Online Information
Improvements in mobile technology have led to higher use of smartphones across the globe. The last few years have also witnessed increased use of social media platforms amongst HNWI’s who are becoming increasingly reliant and influenced by the information they access online.
However, wealth management firms have until recently shied away from both these platforms, not truly convinced of their applicability in the high net worth space.
However they can no longer be overlooked.
Enriched technology and online platforms are now a necessity for wealth management firms and can help drive scalability of their business models.
To cater to HNWI’s, many wealth management firms are strategically investing in the online space.
But many are getting it wrong!
Have An Online Presence That Has Authority
Creating an authority financial firm online means much more than simply creating a designer website with visually appealing graphics. It is about using your online presence to provide value through knowledge and appealing content that visitors will actually want to consume – as well as the capability to continually engage and nurture the interests of visitors and clients through emails, video content, social media interactions and blog posts. All of which help build an online presence that has authority.
Ultimately HNWI’s are looking online to get the information and services they need when they want, and it’s within this space that financial firms must raise their game.
Although more and more financial firms are turning to digital technology in an attempt to reach HNWI’s they will only succeed by creating an online presence that has authority and relevance with those they are trying to target.
Click on the image below to view the full World Wealth Report
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