Digital Wealth Asia Forum 2019 Singapore - Highlights - Lawrence J. Grinceri

Jump to section:

1. What are the challenges and opportunities for this industry?

Video transcript

1. What are the challenges and opportunities for this industry?

What we're seeing now is a convergence of a few different challenges that are being faced in financial services, and the wealth services industry in particular. The first is the digitisation of the channels to reach out to clients. You're going to see a shift similar to what we saw in the stockbroking industry in the late 90s, from a more manual to a digital interaction with the customer. Secondly, you've then got what's happening with assets. They too are being digitised a lot dealing around the blockchain world. Money will be digitised, soon followed by equities, gold is already digitised, real estate is being digitised. So within that environment, you're going to have a whole range of new opportunities available to deliver wealth services more efficiently with greater opportunity, leveraging technologies like AI to figure out the best way of managing the client's portfolio. By the same token, it's a double edged sword. Organisations that don't embrace the new technology will find themselves quickly out of the market. And there are plenty of examples in the late 90s in the retail space with the likes of Tower Records, Borders Bookstore, where they didn't embrace the new world, and giants basically were taken down in a relatively short period of time.

Latest Articles

Latest News