New research commissioned by digital transformation and marketing agency Paragon DCX has revealed that the asset and wealth management sector is struggling to prioritise digital transformation.
The report reveals that financial performance is still seen as the main differentiator in the market. Creating a seamless digital experience for clients and customers is purely viewed as a hygiene exercise, unlikely to deliver transformative commercial gains.
This finding is in stark contrast to other industries, where digital transformation and a focus on digital experience as a differentiator has become paramount to customer happiness and business survival. Research conducted by McKinsey in 2021 showed 71% of consumers expect personalisation and 76% get frustrated when they do not find it. Gartner’s Top Strategic Technology Trends for 2022 report found that the main reason organisations pursue digital initiatives is to enhance the customer experience.