McKinsey: Asia's Booming Affluent Segments Introduce New Opportunities in Digital Wealth

In Asia, the wealth of affluent and mass-affluent customer segments is growing rapidly, bringing about new opportunities and growth prospects for banks and wealth managers alike in the region. But to tap into this opportunity, services providers will need to embrace technology and digital platforms to not only provide customers the services they expect, but also gain in productivity and efficiency, a new report by global consultancy McKinsey says. The report, titled Digital and AI-enabled wealth management: the big potential in Asia and released on February 02, looks at the region's fast growing household wealth and shares how wealth managers can capture this opportunity by embracing data analytics and artificial intelligence (AI) to reduce costs, increase access for their clients and improve customer experience across the entire lifecycle. In 2021, the wealth pool of households with investable assets of US$100,000 to US$1 million in Asia totaled US$2.7 trillion. That sum is projected to soar to US$4.7 trillion by 2026 as incomes continue to rise across the region, the report says.