Market Trends of APAC Wealth Management Industry
Fintech Drives the Market
Wealth managers rapidly invest in new technologies like robo-advisor, artificial intelligence (AI), robotic process automation, and digital identification (ID) technologies to enhance customer experience. Fintechs consist of a vast range of technologies that improve and automate the delivery process of financial services. As robo-advisor technology consists of automated & algorithm-based systems to provide customized portfolio management advice to customers, this technology is popular among wealth management providers. Since the growth of Fintechs improves efficiency and transparency in wealth management business operations, it increases market development.
China Dominates the Market
The wealth management market is famous in China because of its high income. Factors like minimizing unnecessary taxes and strengthening financial security have increased the demand for financial advisors. Many international financial institutions have enterprises approved by the China Securities Regulatory Commission for providing asset management and brokerage services within China. The rapid increase in advanced technology and evolving customer segments contributes to the significant market growth in China. Also, the presence of management service sectors like banks, wealth management firms, investment advisors, and insurance companies supports the market’s growth.
