The WEALTHTECH Book

Survival of the Fittest – Cyber Resilience

By Clyve Lo-A- Njoe, CISSP

CEO, Blue Arca Cyber Security

and and Richard Beetz

at the time of writing: Consultant, Blue Arca Cyber Security and Project Manager, Exicon Mobile

The Asian-Pacific region (APAC) is the global leader in having both the largest population of high-net-worth individuals (HNWIs) and the highest amount of HNWI wealth, according to the World Wealth Report.¹ Although the demand for digital capabilities is high globally, the region has the largest share. Our views on digitizing wealth management operations are therefore influenced by the attention on this region, but we believe that they are applicable to the industry as a whole. In APAC, tech-savvy new-rich millennials demand a multi-channel delivery model from wealth management firms. Clients are more willing to use low-cost, high-end digital product propositions such as robo-advisory wealth management services. This is a serious wake-up call for wealth management (WM) firms that are still depending on a traditional servicing model. WM firms will need to embrace digital technologies or accept the potentially detrimental consequences to their business. At the same time, changing delivery models create new opportunities for wealth managers to differentiate themselves from the competition. Incumbents with long-term established client relationships have a head start. Maintaining the client’s trust that comes with this relationship, while digitizing a wealth management ...