An interoperable digital platform to spur mass adoption of digital wealth management and potentially create GCC fee revenue in excess of $1 billion per annum.
Opportunity
FinTech innovation has now made it possible for the savings of the affluent in emerging markets to be managed by global asset managers in a manner private banks manage HNW wealth.
Pain Point
Affluent savings in emerging markets are at a disadvantage relative to HNW savings.
FinTech Innovation
FinTech innovation is now making it possible to serve the affluent segment wealth management needs.
Global Adoption
There is a global trend for the affluent savings to be managed through platforms.
GCC Opportunity
For the GCC alone, the affluent wealth is projected to reach $1 trillion by 2022.
Challenges
The financial services sector is well versed with WealthTech & its business potential, but they face significant business challenges.
Economic Viability
Affluent wealth business is not economically viable for most GCC banks.
Regulatory Compliance
International asset managers’ compliance requirements are
demanding.
Learning from History
Evolution of the credit card business in a fragmented US banking sector throws a light on the way digital wealth management for the affluent could develop into a viable business proposition in the GCC.
Monoline Players
Diners Club launched the first credit card in the US but it did not result in mass adoption.
Solo-Bank Initiatives
Despite the entry of Bank of America and American Express as credit card issuers, mass adoption remained elusive in the US.
Neutral Industry Utility
Mass adoption of credit cards only happened in the US with the advent of neutral industry utilities.
Aggregate Financial Viability
GCC business economics suggest an opportunity for a neutral industry utility for digital wealth management.
GWM Digital Platform
A neutral, industry utility digital wealth management platform, ready for any GCC financial firm to join on a revenue share basis to create an immediate new revenue stream.
Joint Branding
Jointly branded digital platform ready for use by alliance partners.
Robo Advisory
Discretionary wealth management for affluent individuals.
Funds Supermarket
Invest in funds managed by global asset managers.
Publications & Research
Articles published by members of the GWM leadership team and a selection of research on digital wealth management from around the world.
