Technology consultancy Capco described the wave of intergenerational wealth transfer between wealthy baby boomers and their children as a ‘time bomb’ in a new whitepaper, Digital Services in Wealth Management.
Peter Lewis, a partner at Capco, said: "The wealth transfer time bomb is a widely predicted wave of client activity.
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"Digitally savvy recipients of inherited wealth will bring a new level of consumer demand for around-the-clock, real-time mobile, tablet and online banking services."
He added: "Delivering effective and attractive digital solutions to this new demographic of customer will be essential for financial institutions.
"Without a comprehensive digital offering, they risk losing customers and significant revenue to competitors."
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By GlobalDataSource: Private Banker International
