It’s 2017. Your car can drive itself, groceries are delivered to your doorstep and that pesky document in Mandarin? It’s translated into English in seconds. Yet online banking – or even worse – actually walking into a retail bank branch remains an excruciating, mind-numbingly bureaucratic procedure in this era of speed and efficiency. As one financial services CEO said to me: “If I never have to walk into my bank again, I would be a much happier woman for it.”
Today, we are redefining what it means to put the customer first in financial services. At its simplest, we call this revolution “Wealthcare”. Just as healthcare has evolved to focus on wellness, prevention and the patient first and foremost, so must financial services – and we are at the forefront of driving this cataclysmic change.
Wealthcare is a journey that starts with asking the right questions to a customer, adapting solutions based on need and evolving circumstance. It is focused on an outcome-based approach, not pushing a product that earns a hefty commission for a broker or adviser. It is transparent and open. Customers can find out at any time what assets they are holding, the rationale behind their asset allocation and what fees they are paying.
Wealthcare is the evolution of wealth management from serving the few to the many, from standardised products to individual solutions and from limited contact points to unrestricted multi-channel availability.
The extremely high penetration of mobile technology in Asia and the growth of the mass affluent provide the opportunity to deliver digital wealthcare starting today. This is valuable for investors who prefer a partially automated investment advice model over traditional advice. Asia’s large financial service providers including banks, brokers and insurance companies will build on their existing customer relationships, know-how, and access to data.
By better understanding the customer and their own unique journeys, our vision is that wealthcare will soon transform wealth management. Customers will want to engage online and they will look forward to the experience. Our goal is to make access to wealth management advice painless, transparent and dare we say it – delightful. If we can succeed in this, then we will have successfully implemented wealthcare in Asia.