What digital expectations do wealth management clients have today? - Damian Hitchen

Damian Hitchen of Swissquote

Feb 18, 2019

Damian Hitchen, Chief Executive Officer, Middle East & Asia at Swissquote discussed what digital expectations wealth management clients have today.

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1. What digital expectations do wealth management clients have today?

2. Do you find that people are just talking about digital? Or really taking action?

Video transcript

1. What digital expectations do wealth management clients have today?

I think the minimum expectations are that they're able to view their portfolio information at the touch of a button at their preferred location, so whether that means it's via a desktop or a tablet or indeed through a smartphone, I think the minimum expectations of clients today is that they need information on their portfolio at hand. I think the firms who don't provide that, unless they shape up quickly, they'll be shortly looking at an exit.

2. Do you find that people are just talking about digital? Or really taking action?

What I find interesting about the industry at the moment is that everybody's talking about digital. Everybody's talking about fintech. People often associate that with…..advisory or AI platforms or machine learning platforms, etc., but the reality for most financial services providers is they need to get the first base covered, and that first base is essentially automating their processes and having the minimum of platform in which their clients can actually see their information. From having that minimum base platform where people can see their information, then the next step is having an increase or improved product range, an increased and improved execution platform, because that's the way the industry's moving, but I think what a lot of people forget in this talk about fintech -and everyone's trying to get to fintech quickly - is they've got bigger problems to start off on the foundation stage and the first space which they need to address.

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