Digital Wealth Asia 2017 - SingaporePost Event Report

15 June I Mandarin Oriental Hotel I Singapore

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SummaryThe challenge that private banks and other wealth management institutions in Asia continue to face, is that while they know they need to embrace digital, many of them are still unclear about what to do and how to do it.

One of the most important elements of going digital that firms need to focus on, is ensuring that they are adding value to the bottom line, their clients and internal stakeholders alike.

And this is essential, given the amount of money that organisations are committing to digital projects.

Making things simpler, better and faster for customers, needs to be a key driver, given that institutions sometimes forget about the end-user in their path to digitisation, and it becomes just another business process.

Ultimately, in trying to measure digital success, it is important to establish a direct correlation to revenue uplift. This will also contribute towards efforts to drive change in the culture throughout an organisation – a big contributor to buy-in at all levels, especially the front-line.

More communication to bankers is also needed on the benefits and value of digital to augment their role and performance – rather than replace them.

The way some of the more forward-thinking and digitally-minded banks are now spending money on digital is also evolving. For example, they now want to digitise the full value chain – from expanding the client experience to automating processes like client onboarding.

Paying attention to these and other success factors is ever-more pressing in the mission to adopt enterprise-wide digitisation, rather than many banks still looking to fix the basics, or continuing to apply what some practitioners call ‘digital lipstick’.

The end-game, say many practitioners, is an improved multi-channel experience for clients which leads to increased AUM and revenue, and a better understanding of clients’ needs, thanks to the technology.

These were among some of the most important conclusions of the 35+ speakers at the annual Hubbis Digital Wealth event in Singapore in June. – attended by Over 300 CEOs, COOs, heads of technology / digital, and other senior practitioners attended – from a mix of local and international Private Banks, Retail Banks, Insurance Companies, Independent Firms & Family Offices, Asset Management Companies, and IFAs.

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Type of firm

21%

23%

7%

5%

4%

3%

9%

28%

Private Banks

Retail Banks

IAMs / Family O�ces

Robos / Fintechs

Asset Management

IFAs

Consultants

Technology / Other

Attendee Profile

“Congratulations to Hubbis for putting together this Digital Wealth conference. Hearing from and networking with some of the most renowned speakers and trailblazers in the industry was a great use of my time and gave me a good indication of the transformational phase we live in.”Jose Cerdan, Head of Client Propositions, Singapore, HSBC Global Asset Management

Job role

C-Level

Technology Specialist

Business Head

Consultant

Other

26%

28%

20%

19%

7%

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360FAAM AdvisoryAbacareadditivAmFunds ManagementAmundiANZAppistokiArete Financial PartnersAsia FinanceAtlas Asset ManagementAvaloqBank Julius BaerBank MandiriBank of BarodaBank of SingaporeBentoBlackRockBlueprint PlanningBNP Paribas Wealth ManagementBondITCapgeminiCapital GroupCazenove CapitalChartwell AssociatesChina Construction BankCIC Banque PriveeCIMB SecuritiesCitiConduit SecuritiesCorecamCornerstone Family OfficeCredit Suisse Asset ManagementCredit Suisse Private BankingCrossbridge CapitalDBS BankDBS Private BankingDeutsche Bank Wealth ManagementEFG BankEigencatEYFactSetFinancial AllianceFinexis Advisory

Attendees from these firmsFinFabrikFleur CapitalForever CapitalGICGlobaleyeGolden Equator CapitalGYC Financial AdvisoryHelvetic InvestmentsHong Leong BankHSBCHSBC Global Asset ManagementIBMImperium LucrumIMTFIndosuez Wealth ManagementIngenia ConsultantsIntercultural Theatre InstituteIRESSJachin CapitalJanus Henderson InvestorsJPMorgan Private BankingJRT PartnersKasikornbankKenanga Investment BankLassiorLiferayLighthouse CantonLion Global InvestorsLioncrest GlobalLombard OdierLykkeMandiri Investment ManagementManulifeMaybankMazin Lafayette Hotel Endowment FundMetLifeMFEXMoney Channel Morgan StanleyNanyang PolytechnicNational Bank of Abu DhabiOCBC BankOne Asia Investment Partners

OrbiumPershingPhilippa Huckle Wealth ManagementPhillip CapitalPrudential AssurancePwCQuantifeedRBC Wealth ManagementRHB BankSchrodersSiam Commercial BankSingAllianceSingapore LifeSingapore Management UniversitySmartlySMBC Nikko SecuritiesSoochow SecuritiesSS&C TechnologiesStandard Chartered BankStashAwayState StreetSwiss AsiaSynpulseTaurus Wealth AdvisorsTemenosThomson ReutersTokio Marine Life InsuranceTriLake PartnersTriumph CapitalTriumph Family OfficeUBPUBS Asset ManagementUBS Wealth ManagementUCAP Asset ManagementUOB BankUOB Private BankVahocaVickers Venture PartnersVirtual ClarityVP BankWeInvestXigniteZACD Capital

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Speakers

Joe Rothermich, CFAThomson Reuters

Mark Wightman EY

Artur Luhaäär Smartly

Alan Laubsch Lykke

Benjamin Turner Liferay

Marko Milek State Street

Alex Medana FinFabrik

Bhaskar Prabhakara WeInvest

David Wilson Capgemini

Michael Gerber 360F

Michele Ferrario StashAway

Chandrima Das Bento

Duncan Klein BondIT

Mark Buesser IMTF

Alvin Lim HSBC

Charlie O’Flaherty Crossbridge Capital

En Lai YeohUBS Wealth Management

Mark Nelligan Pershing

Michiel van Selm PwC

John Robson Quantifeed

Chia Wee Kee Synpulse

Evy Theunis DBS Bank

Lee Ng MetLife

David Rhind SS&C Technologies

Alex Ypsilanti Quantifeed

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Smita Choudhary Bank of Singapore

Nakul KurupOCBC Bank

Urs Lichtenberger Credit Suisse

Ryan Burdick Xignite

Urs Palmieri EY

Vineet K Vohra, CFAArete Financial Partners

Shirley Crystal Golden Equator Capital

Yashesh M. Kampani IBM

Sami Benafia Ingenia Consultants

Aananth SolaiyappanWeInvest

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Key voting poll results Nearly 60% of poll respondents said only a small amount of the talk at their own firms about digital leads

to any tangible action. And 74% of poll respondents said that most private banks in Asia are reactive to digital

Among different types of institutions, local retail banks are making more progress in the digital wealth race in Asia than universal banks, international private banks and insurance companies, said delegates

Digital is a way to support RMs rather than replace them, according to 87% of poll respondents

Enabling bankers to spend more time with clients should be the priority for banks to get right with digital, said 50% of poll respondents – with 22% opting for lowering the admin burden for RMs

78% of poll respondents think the quality of investment advice from by RMs who actively use digital tools is better than those RMs who don’t

The end-game for digital tools for RMs should be to increase sales / revenue, according to the majority poll respondents – followed by spending more time with clients, and then lowering the admin burden

Only 9% of poll respondents said the digital priority for banks in Asia today should be driving new AUM

Indeed, 19% of poll respondents said that their firm derives zero revenue from digital channels today; 41% said the revenue from digital was somewhere between 0% and 10%. One-third of respondents said digital-led revenue currently counts for 10% to 20%

Nearly 90% of poll respondents said banks should invest in partnerships with fintechs – instead of developing their own digital strategy

Technology budgets should prioritise online capabilities towards interactive engagements with advisers, said 49% of poll respondents. This was followed by technology and process strategies to aid internal innovation (24%) and moving core infrastructures, platforms or software to the cloud (15%)

90% of poll respondents think that every robo-adviser should be a regulated entity

Despite the hype about AI (artificial intelligence), 62% of delegates said they don’t really understand what AI is, in the context of wealth management

“Digital wealth management has not fully reached the banks on an operational level yet. The event Hubbis organised created awareness of the need and urgency to change the thinking of the industry today.”Michael Gerber, Chief Executive Officer, 360F

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Delegate Feedback - Overview

Most relevant topics

The future of investment advice How the ‘big players’ are managing digital Blockchain and automation Robo-advisory and the long-term relevance of RMs The processes banks put into considering the customer journey before implementation and tracking results

Key take-aways

How digital banking supports RMs Banks are still catching up with digital initiatives Consumers take financial advice from trusted sources B2B robo-advisory tools can complement the current business model instead of completely disrupting it How AI helps in customisation Innovation should always start from the customers’ perspective There is a long way to go until front-office automation makes an RM’s life more efficient How emotional decisions still play a part despite the advent of the digital age

Top 5 presenters

Urs Lichtenberger, Director, Client Platform, Asia Pacific, Credit Suisse Evy Theunis, Head of Wealth, Regional eBusiness Department, Consumer Banking Group, DBS Bank Mark Wightman, Partner, Wealth & Asset Management Advisory, EY Michael Gerber, Chief Executive Officer, 360F Alan Laubsch, Director, Natural Capital Markets, Lykke

Top 5 panel speakers

Lee Ng, Vice President, MetLife Innovation Asia, and Chief Operating Officer of Lumenlab, MetLife En Lai Yeoh, Head, Digital Strategy and Content, UBS Chief Digital Office, APAC, UBS Wealth Management Bhaskar Prabhakara, Founder & Chief Executive Officer, WeInvest Alex Ypsilanti, Chief Executive Officer and Co-Founder, Quantifeed Artur Luhaäär, Chief Financial Officer & Co-Founder, Smartly

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Digital Wealth - Asia 2018Singapore

Wednesday 13th June