DBS Launches Instant Messaging Wealth Service

Robbie Lawther

12 September 2018

, the Switzerland-based firm, identified the most popular “chat” facilities used by wealth management firms. The study, titled Digital Wealth Management in Asia: Focus on China and India, analysed the strengths and weaknesses of the digital wealth management of the ten largest wealth managers in China and India. It focuses on firms' offerings to their high net worth clients and how these compare to market’s needs and expectations. In China, it was found that 80 per cent of wealth managers use WeChat, which is seen as the most important digital channel. Chatbots are used by four out of ten wealth managers, all of which are local players, and chatbots are intergrated into their WeChat accounts, website and/or mobile application. Also, the report found that universal banks focus on their retail client sector more than private client when it comes to technological innovation.

Also last June, OCBC, parent of Bank of Singapore, had introduced a chatbot to answer employees’ HR queries.

The development of such channels can also help, some practitioners hope, with the need for banks to boost advisor productivity in fast-growing regions such as Asia, as recently highlighted by a story about "crazy" salary growth in the sector. On the flipside, security fears, fuelled by stories about cyber-security breaches, might deter some clients from embracing digital offerings. See an associated article here.