PwC: Asset and wealth managers show 'striking' lack of digital innovation

Worried about cyber security

Asset and wealth management chief executives are showing a "surprising complacency about technological innovation" when compared to their counterparts in the wider financial sector, according to a report by PwC.

According to its study, entitled A new era of growth disruption and opportunity, only 10% of CEOs in the asset and wealth management space said they will be prioritising a strengthening of digital and technological capabilities this year, compared to 32% of banking CEOs and 28% of insurance chiefs. Likewise, just 53% of CEOs in the asset and wealth management space surveyed said they believed technology has "completely reshaped or significantly impacted competition" in their sector, compared to 74% of CEOs in the banking and capital markets arenas. Woodford IM: Fintech's 'quiet revolu...