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Wealth Management Market to achieve considerable growth in 2025, APAC to remain a dominant growth avenue

Author : Ronak Bora | Published Date : 2019-06-06 

Asia Pacific Wealth Management Market is also expected to grow at a substantial rate due to the rising innovations in the fintech sector. Firms and wealth management companies have increased the use of social media and are using mobile applications to offer customized product offerings to their clients. For instance, Citibank has partnered with Thomas Reuters to provide customers with various stock market insights. They are also leveraging on data analytics for prospecting clients by tracking the customer database and browsing data. browsing data.\

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The North American market is the dominating region in the wealth management market and this trend is expected to continue during the forecast period. The growth is attributed to the rise of high net worth Individuals. Furthermore, higher disposable incomes of the population have also fostered the market growth.

The Middle East wealth management market is expected to grow substantially due to supportive government policies. For instance, the efficient tax system of the UAE coupled with sustainable economic model makes it a lucrative wealth management destination for High Net-Worth Individuals (HNWIs)). The attractive investment opportunities, stability across the region, and the low tax environment are some of the key factors for the market growth.

Wealth Management Market is characterized in different product portfolios such as transaction management, portfolio management, revenue management, client management, and financial investment planning & reporting. Transaction management solution accounts for the majority share in the market. Transaction management helps in keeping track of transactions through its lifecycle phases such as initiation and execution, reconciliation, settlements, and corporate actions. Process simplification, cost reduction, and reduction in paperwork are major factors leading to the widespread adoption of this service.

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The technological advancements in Artificial Intelligence (AI) have enabled the platforms to provide services such as risk management and investment planning. For instance, most of the traditional platforms can analyze the static data but machine learning can analyze the customers’ financial data and provide the relevant information. It can perform predictive analysis in real time and can detect rogue investors working in unison. AI-based wealth management platforms in wealth management market have found their applications in hedge funds as they have moved away from the traditional model and adopted a predictive model with AI algorithms.

Wealth Management Market size is growing at a high pace due to the reduction in the brokerage fees across the fintech industry. For instance, 20 years ago, the transaction charges for 100 shares at a full-service brokerage firm such as Merrill Lynch would be USD 80 to USD150, which will now be substantially lower at 1/100th of the cost. In addition, the explosion in the capabilities of the access points, such as smartphones and other mobile devices, has resulted in the widespread adoption of wealth management services. For instance, it offers customers with personalized product offerings. Furthermore, online wealth management platforms have provided businesses with the opportunity to maximize their customer base, which is hard to resist in a competitive market.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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