“Banks in Asia are now asking how do we use technology to deliver a product to this group of clients that up to now has proven to be difficult to serve?” Quantifeed Head of Strategic Partnerships, John Robson
“Options for incumbents in US$2 trillion robo-advisory market of 2020”
- By Allan Tan, 06/04/2016
In part one of this two-part series we had a brief introduction on the market dynamics of the robo-advisory business. This time we take a look at how the incumbents are fighting, joining or reeling from the onslaught of robo-advisory services.
Incumbents are waking up to the nightmare that they are losing business to small, less experienced but nonetheless aggressive Fintechs. The SCMP cited a report by Forbes China and Beijing-based wealth manager CreditEase which estimate that at the end of 2015 China’s 15.28 million mass affluent have investible assets of between 600,000 yuan (US$92,600) to six million yuan (US$926,000).