Our reliance on digital technology is growing by the day. But, is this true for the European wealth management industry, an industry hesitant to bring digital into its service offerings? Yes, say the results of our latest Generation D, or digital generation, research, which surveyed 1,200 investors in Europe to determine their attitudes, behaviors and preferences for digital in their existing relationships, as well as their expectations for the future.
These results should come as welcome news for advisors willing to take the time to understand just how Gen D investors want to do business with them. That’s because the opportunities are plentiful. Generation D spans socioeconomic lines and represents an estimated $22 trillion market opportunity across the seven European markets where the study was conducted. What’s more, 77 percent of investors currently use social media more than once daily, and 80 percent log on routinely for simple services such as online bill pay and other banking services.
Where and how can digital be best incorporated into existing service models? Consider these findings: investors across Europe report being less informed about investing than they would prefer, knowledgeable investors report holding a broader range of investment products and securities, digital tools are being used for high-value activities, and higher-value tools that assist investors with educating themselves outrank transactional tools such as bill pay.
It’s clear, digital service is an important component in the emerging value proposition—not just in the future of investing, but also the present.