The once sleepy and conservative Australian wealth management sector has been jolted by radical external forces for change in the last 5 years. The Royal Commission and COVID-19 have accelerated powerful trends which are driving sector consolidation and scale as the only way to profitably survive over the long term.
Our 2022 Australian Wealth Management Insights paper looks at these changing market trends and the cash management transformation strategies adopted by market leaders to remain competitive and profitable.
The Australian wealth management sector is facing four megatrends that are re-shaping the industry and forcing change to ensure survival:
- Escalating Compliance Costs
- The Fintech Revolution
- Customer Expectations
- Increased Competition