Banks risk losing customers and revenue to
rivals without upgrading the digital services they provide to the
next-generation of digital savvy clients, according to new
research.
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.
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Peter Lewis, a partner at Capco, said: “The
wealth transfer time bomb is a widely predicted wave of client
activity.
“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 GlobalData
