The wealth-management industry is in the midst of some seismic changes at present. The traditional channels through which money has been managed and advice dispensed are now being decisively disrupted. And as a result, those who are being affected the most—from multi-billion-dollar hedge funds to retail investors managing their own portfolios—are now operating in an almost entirely new landscape.
Successful e-commerce is as much about the customer experience as anything else. Choices need to be clear but abundant; payment quick and easy—or customers will move on. Having become accustomed to purchasing goods and services seamlessly through digital channels, customers expect the same from their providers of financial products and services. Banks need to employ a lesson or two from the e-commerce giants to meet customer expectations.
Africa is known as a resource-rich continent. It is now also becoming rich in growing consumer markets. Multinationals, hotels and even luxury-goods retailers are setting up shop across the continent, seeing it as the last great emerging opportunity.
Zurich-headquartered Credit Suisse is moving away from its traditional business of investment banking as it expands its wealth-management activities.