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Banking Frontiers
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Boomtime for wealth management service providers
- Deloitte India's study highlights a significant opportunity for wealth management service providers in India, with an estimated AUM growth of $1.6 trillion during FY24 and FY29.
- The demand for wealth management services is expected to double, reaching $2.3 trillion by FY29, driven by shifting macroeconomic trends and increasing income levels.
- Key factors contributing to this growth include expanding affluence, a shift to financial assets, and emerging opportunities in B30 cities.
- Success factors for wealth management businesses include targeting specific customer segments, complying with regulations, and offering digital user experiences.
- India's affluence is projected to grow due to strong GDP growth, favorable government policies, job creation from startups, and initiatives like 'Make In India.'
- There is a rise in affluent millennials, increased FDI inflows, and passing on generational wealth contributing to the growth in affluence.
- The report emphasizes the need for modern technology stacks, data strategies, cloud migration, and API adoption for wealth management providers.
- Robust cybersecurity measures are essential for safeguarding sensitive financial information, along with data privacy governance and human intervention.
- Wealth management players should focus on customer-centric product propositions, service models, and regulatory compliance for sustainable business growth.
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