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Global consultancy firm PwC describes the asset and wealth management industry as the bellwether for the overall economy. And thanks to the Covid-19 pandemic it is no longer business as usual in this sector. Investors are naturally anxious. Wealth management companies need to deliver a positive customer experience during such periods of uncertainty. And here technology plays a key role in enabling the human touch in communications, since in-person meetings are not advised.
No wonder then that a digital wave is sweeping through the industry, as customers move away from traditional wealth management providers such as private banks and fund managers. According to Ernst & Young, a quarter of customers in the Middle East currently receive financial advice through mobile apps. In addition, as they increasingly opt for digital options, more than half of them have switched their financial advisers or wealth management advisor in the past three years,