Robots are here

The rise of robo-advisers

in Asia Pacific
Introduction 03
Digital disruption in wealth management 04
The rise of robo-advisers in Asia Pacific 10
Looking ahead 14
Contact us 15
 Robots are here | The rise of robo-advisers in Asia Pacific

Introduction

Robo-advisory is fundamentally challenging incumbents

in the wealth management industry by disintermediating
traditional wholesale distribution channels.

For Asia Pacific clients, robo-advisory offers ease of

use, convenience, and affordable fees, as an attractive
alternative to low-interest savings accounts for those
who prefer to employ a “hands-off” approach towards
investing. Given these characteristics, robo-advisory
services are likely to be the most attractive for Retail and
Affluent customer segments in Asia Pacific.

High Net Worth Individual (HNWI) investors, on the other

hand, are unlikely to be the key target market for pure-
play robo-advisory services, as their larger appetite for
risk and desire for control mean that they are likely to
continue to prefer to make self-directed investments.
Rather, the winning strategy for HNWI investors is likely
to be a hybrid robo-adviser model – one that combines
a superior digital experience with qualified, human-led
advisory services.

However, several challenges remain. These include data

privacy and cyber threats, as well as issues related to
the size of investments and the deep expertise required
to develop and manage robo-advisory competencies in
an environment with many legacy IT systems.

03
Robots are here |
 The rise of robo-advisers in Asia Pacific

Digital disruption in wealth

management
Within Asia Pacific, dramatic changes in the wealth management landscape are driving wealth managers and private
banks to re-evaluate and modernise their existing operating models. As technology companies increasingly become
critical distribution platforms for wealth management products and services, incumbent players – who have
traditionally depended heavily on the primary relationships that private banks have with their private investors – are
experiencing disruptions in their investment product distribution chain.

Buoying the rise of these technology companies is a new generation of digitally-savvy investors. Accustomed to
client-centric platforms in their everyday lives, these investors possess a global mind-set, and place a much greater
emphasis on value propositions, regardless of their service provider. As a result, we are witnessing five digital
disruption trends in the wealth management landscape in Asia Pacific, which are in turn underpinning the rise of
robo-advisers in the region (see Figure 1).

Figure 1: Five digital disruption trends in wealth management

Digitally-savvy Disruptive Disintermediation of Demand for superior Disaggregation of

investors technology wholesale channels client experience value chains

04
 Robots are here | The rise of robo-advisers in Asia Pacific

Digitally-savvy investors
Globally, a new generation of digitally-savvy, self-directed investors has emerged. Although Millennials and Generation Z investors
tend to possess higher digital propensities, these investors are not limited to a single wealth or age group (see Figure 2). With their
relentless expectations for client-centric offerings, investors from every wealth and age group are increasingly adopting digital
sales channels for their banking needs. Indeed, some investors may even have a preference for technology giants over traditional
banks.

Figure 2: Characteristics of investors across different age groups1,2,3

Generation Z Millennials Generation X Baby Boomers

Birth year
After 1999 1980-1999 1965-1979 Before 1965

• Social • Global orientation • Independent • “Anything is possible”

• Realistic • Loyal • Pragmatic • Individualism

Core values • Diverse • Influence-seeking • Entrepreneurial • Gratification-seeking

• 100% digital natives • Highly technically • Quick assimilation of • Technology has small
capable technology impact on daily life
• Strongly influenced by during childhood
• Technology is integral • Technology has large
Digital
social media • Technology adoption
• Early adopters of impact on day-to-day life
propensity • Reliant on Internet only in selected areas
technology • Preference for personal
research and social • Preference for human
media opinions • Reliant on Internet contact for important
research decisions intervention and
long-term rapport
• Social media-oriented

Percentage
of global 30% and growing 28% 20% 22%
population

Very high High Medium Low

1 “The Pictet Group Annual Review”. The Pictet Group. 31 December 2017. https://static.group.pictet/sites/default/files/2018-04/Pictet_AR2017_PDF_DE_Mobile.pdf
2 “Market dynamics relevant to UBS”. Deloitte. 2018. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Financial-Services/gx-fsi-dcfs-2019-
investment-management-outlook.pdf
3 “Millennium Development Goals Indicator”. United Nations. July 2015. http://mdgs.un.org/unsd/mdg/default.aspx
05
Robots are here |
 The rise of robo-advisers in Asia Pacific

Disruptive technology
From banking and payments to private banking and asset management, technology giants are entering
the financial services industry on many fronts. Leveraging their sizeable platforms and global networks,
they have unprecedented access to many traditional wealth management clients, and pose a formidable
challenge to existing players with their breadth and depth of knowledge in areas such as artificial
intelligence (AI), blockchain, and robo-advisory. Within Asia Pacific, technology giants are increasingly deploying robo-
advisers in their foray into wealth management (see “Beating the competition with robo-advice in China”).

Beating the competition with robo-advice in China

As financial services players seek to boost their revenue from retail clients, a boom in robo-advisory services
seems imminent in China: the market – estimated to be worth USD 27.1 billion at the end of 2017 – is
expected to double every year from 2017-20214. Over the same period, the number of Chinese investors
using robo services has also been forecasted to soar dramatically from fewer than 2 million to 79.4 million5.

With competition from large FinTech companies, such as Ant Financial and Lufax, heating up, traditional
financial institutions are also developing their own robo-advisers, either on their own or in collaboration with
other technology players, such as Xuanji or MiCai6.

For instance, Ant Financial’s Caifu Hao is an AI-powered technology platform that enables fund management
companies to make wealth management services more accessible to ordinary users. 27 fund management
companies have seen tangible benefits since setting up their Caifu Hao accounts: they have been able to
increase their operational efficiency by 70%, while reducing their overall costs by 50%7. In addition, they
have seen a tenfold increase in the number of daily visitors, a threefold increase in the amount invested by
returning investors, and an 89% increase in the holding period among all investors8.

4 “Chinese banks, brokers eye robo advice for edge on competition”. Reuters. 27 April 2017. https://www.reuters.com/article/us-china-
wealth-management-roboadvisors/chinese-banks-brokers-eye-robo-advice-for-edge-on-competition-idUSKBN17T08P
5 “Chinese banks, brokers eye robo advice for edge on competition”. Reuters. 27 April 2017. https://www.reuters.com/article/us-china-
wealth-management-roboadvisors/chinese-banks-brokers-eye-robo-advice-for-edge-on-competition-idUSKBN17T08P
6 “Chinese banks, brokers eye robo advice for edge on competition”. Reuters. 27 April 2017. https://www.reuters.com/article/us-china-
wealth-management-roboadvisors/chinese-banks-brokers-eye-robo-advice-for-edge-on-competition-idUSKBN17T08P
7 “Ant Financial to share full suite of AI capabilities with asset management companies”. Reuters. 27 April 2017. http://fintechnews.
hk/5535/roboadvisor/ant-financial-to-share-full-suite-of-ai-capabilities-with-asset-management-companies
8 “Ant Financial to share full suite of AI capabilities with asset management companies”. Reuters. 27 April 2017. http://fintechnews.
hk/5535/roboadvisor/ant-financial-to-share-full-suite-of-ai-capabilities-with-asset-management-companies
06
 Robots are here | The rise of robo-advisers in Asia Pacific

Disintermediation of wholesale channels

Currently, the traditional investment product distribution chain is heavily dependent on the primary
relationships that private banks have with their private investors. At the same time, the increased
importance of, and trust in, technology platforms and social network businesses have enabled these
technology players to provide basic banking services, such as payments and lending.

In the near future, however, we are likely to witness the traditional wholesale distribution channel become
increasingly disintermediated, as independent asset managers continue to build D2C offerings, for example, on their
own platforms with the use of robo-advisory technology. Technology giants may also become alternative distribution
platforms for asset managers, who are keen to leverage the former’s direct, global access and reach, as well as deep
relationships with private investors (see Figure 3). The rate of this development, however, will depend on the various
compliance requirements and distributor relationships that exist within each market.

Figure 3: Potential shifts in the investment product distribution chain

Current
A
Private Private Asset managers rely heavily on the
banks investors A relationships private banks have
C with their private investors
Technology players provide basic
B banking services to private investors

B
Potential shifts

Independent asset managers build

Asset Technology C
D2C offerings
managers pla�orms
D Technology giants become
D alternative distribution platforms
for asset managers

Demand for superior client experience

Accustomed to client-centric platforms in their everyday lives, investor expectations for a superior client
experience are quickly evolving. Increasingly, wealth management players are realising the need to
provide client-centric experiences and become more agile in delivering customised experiences and
solutions to their target customer segments. For many Asian private banks, embedding client-facing
robo-advisers across the entire private banking value chain is one way in which they can secure deeper and lasting
client relationships, and expand the reach of their offerings while reducing the labour intensity for repetitive tasks
(see Figure 4).

07
Robots are here |
 The rise of robo-advisers in Asia Pacific

Figure 4: Embedding robo-advisers across the private banking value chain9

Traditional advisory Robo-advisory

Relationship manager Client Relationship manager Client

Acquisition and servicing

Account opening, closing, and maintenance

Client due diligence and Know Your
Customer (KYC) processes
Prospecting and referrals

Investment planning and trade processing

Financial planning and account aggregation
Investment policy statement
Pre-trade compliance
Proposal generation and trade execution

Portfolio management and rebalancing

Portfolio construction
Cash flow and portfolio monitoring
Alerts and rebalancing

Research and analytics

Investment research and pre-trade analytics

-
Cash flow and portfolio monitoring

Advisory, reporting, and education

Advisory
Reporting
Education

Accounting

Accounting, fees and billing

Low High
Human effort

9 “Wealth management digitalisation changes client advisory more than ever before”. Deloitte. June 2017. https://www2.deloitte.com/content/dam/Deloitte/de/
Documents/financial-services/Wealth%20Management%20Digitalization.pdf

08
 Robots are here | The rise of robo-advisers in Asia Pacific

Disaggregation of value chains

As the disaggregation of integrated value chains continues, wealth management players must focus on
their most strategic value chain segments. The focus has since shifted to building client-centric platforms
that are similar to those offered by technology giants, where investors are able to access a wide range
of products and services within a single, integrated ecosystem (see “Enhanced client experience with
RoboInvest”).

Enhanced client experience with RoboInvest

Earlier in 2018, Singapore’s OCBC Bank launched its robo-investment service, RoboInvest, targeted at young
and tech-savvy investors. With an initial investment amount of SGD 3,500, the service has been likened to
picking a playlist using a digital music service, where investors can pick from 28 portfolios of equities and
exchange-traded funds across six markets, or across themes such as technology, real estate investment
trusts, fast-moving consumer goods companies, property, healthcare, and food & beverage10.

Developed in partnership with a local FinTech start-up, WeInvest, RoboInvest uses algorithms to monitor each
portfolio automatically and periodically re-balances assets if there are economic and market movements
that impact the portfolio. Investors are also able to monitor their investments through a dashboard, and can
withdraw or add to them at any point11.

10 “OCBC launches robo-investment service”. Singapore Business Review. 23 August 2018. https://sbr.com.sg/financial-services/news/
ocbc-launches-robo-investment-service
11 “OCBC launches robo-investment service”. Singapore Business Review. 23 August 2018. https://sbr.com.sg/financial-services/news/
ocbc-launches-robo- investment-service

09
Robots are here |
 The rise of robo-advisers in Asia Pacific

The rise of robo-advisers in Asia Pacific

Regional overview
The Asia Pacific region has a sizeable pool of robo-advisory users and AUM, which is expected to increase in the near future. Given its
lower cost structure, as compared to the traditionally labour-intensive advisory approach, robo-advisory enables wealth management
players to charge lower fees, enabling them to expand their target market beyond the HNWI clientele to a new and younger clientele that is
interested in active investing (see Figure 5). Millennials in the region, for example, are more likely to consider investing with robo-advisers
than Generation X or Baby Boomer investors12.

Figure 5: HNWI and robo-adviser user statistics across different regional markets13,14,15

HNWI statistics (2017)

North America Europe Asia Pacific

Europe

Population 5.7 million 4.8 million 5.5 million

Wealth USD 19.8 trillion USD 15.9 trillion USD 18.8 trillion

Growth • Population: 9.9% • Population: 7.3% • Population: 7.4%

(2016-2017) • Wealth: 10.3% • Wealth: 7.8% • Wealth: 8.2%

Robo-adviser user statistics (2018)

Users 6.8 million 0.9 million 17.9 million

AUM USD 296 billion USD 17 billion USD 86 billion

12 “Robo-Advisers worldwide”. Statista. https://www.statista.com/outlook/337/100/robo-advisors/worldwide

13 “Global Wealth Report 2018”. Credit Suisse. October 2018. https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report.html
14 “Julius Baer Wealth Report: Asia”. Julius Baer. October 2017. https://www.juliusbaer.com/fileadmin/user_upload/2017-10-17_ JuliusBaer_WealthReportAsia2017_
Report_EN.pdf
15 “Number of robo-advisors worldwide as of April 2017, by country”. Statista. https://www.statista.com/statistics/795467/number-of-robo-advisors-by-country
10
 Robots are here | The rise of robo-advisers in Asia Pacific

Key markets
Within Asia Pacific, Hong Kong and Singapore are the two of the key robo-adviser markets, given the former’s strategic access to China’s large
HNWI market and the latter’s ambitious FinTech push (see Figure 6). With their strong growth potential, user penetration rates in these two
markets are expected to triple over the next four years, with significant increases to AUM (see Figure 7).

Figure 6: Selected robo-adviser markets in Asia Pacific16

HNWI statistics (2017)

Singapore Hong Kong China Japan Australia

Population 110,000 110,000 1.1 million 2.9 million 2.9 million

Wealth USD 560 billion USD 560 billion USD 5,800 billion USD 7,000 billion USD 7,000 billion

Growth • Population: 6% • Population: 4.1 • Population: 9.1% • Population: 6.3% • Population: 8.7
(2015-2016) • Wealth: 6.6% • Wealth: 4.7% • Wealth: 9.8% • Wealth: 6.7% • Wealth: 9.1%

Robo-adviser user statistics (2018)

Users 122,000 6,000 17.5 million 203,000 67,000

AUM USD 2 billion USD 90 million USD 81 billion USD 3 billion USD 1 billion

Figure 7: Projected robo-advisory user penetration rates and AUM for Singapore and Hong Kong17

Projected user penetration rate, percentage of total clients Projected AUM, USD million
7,609
6.7%

5.7% 6,133

4.5% 4,548

3,574
3.2%
3,021
2.4%
2.1% 2,079
1,750
1.5%
1.2% 976
0.8% 880
0.7% 344
0.1% 0.3% 112 14 24 89
0% 0%
2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

Singapore Hong Kong Singapore Hong Kong

16 “Number of robo-advisors worldwide as of April 2017, by country”. Statista. https://www.statista.com/statistics/795467/number-of-robo-advisors-by-country

17 “Number of robo-advisors worldwide as of April 2017, by country”. Statista. https://www.statista.com/statistics/795467/number-of-robo-advisors-by-country

11
Robots are here |
 The rise of robo-advisers in Asia Pacific

Overall, however, investors in the region are mostly self-directed, preferring to make their investment decisions without the use of financial
advisers (see Figure 8). This underscores the opportunity for wealth management players to offer cost-effective robo-advisory services to
enable investors to make their own independent investment decisions, while retaining the ability to provide tailored investment advice at a
moment’s notice.

Ultimately, robo-advisory services are likely to be the most attractive to Retail and Affluent customer segments in Asia Pacific. Indeed,
HNWI investors in the region are not the primary target for these services, as they are likely to continue to make self-directed investments,
given their larger appetites for risk and desire for control. The Retail and Affluent segments, on the other hand, can benefit from low-cost,
automated advice that is delivered to them on banking platforms in formats that they are already accustomed to (see Figure 9).

Figure 8: Role of financial advisers for investors in Asia Pacific18

“How and when do you use a financial adviser?”

2%

“I make all the decisions, and do notrely on financial advisers."

43%
55% "I make most of the investment decisions but will seek help from financial advisers
and additional information from time to time, to support my final decision."

"I rely on my financial adviser on making most, or even all investment decisions."

Figure 9: Retail, Affluent and HNWI banking client profiles in Hong Kong and Singapore19

Retail Affluent HNWI

Investable assets • Less than USD 100,000 • USD 100,000 - 1 million • More than USD 1 million

• Fee-sensitive • Desire control and want to • First generation entrepreneurs who

• Very used to automated make own investment earned the assets typically hold the
bulk of wealth, have a greater appetite
Investment banking services decisions, but open to advice
for risk, and are inclined to manage
characteristics their own money
• Next generation still desires control,
but is also willing to consult
professional financial services
• Accounts • Accounts Holistic banking solutions, including:
Banking • Payments • Payments • Lending
products • Cards • Cards • Single equities
• Basic investments • Standardised investments • Alternative investments

Robo-adviser • Automated • Hybrid • Personal (no robo-adviser)

service model

18 “Asia: Hong Kong FinTech company launches robo-adviser app”. RFi Group. 7 June 2017. https://www.rfigroup.com/rfi-group/news/asia-hong-kong-fintech-
company-launches-robo-advisor-app
19 “The future of automation in investment services”. 360F. January 2017. http://360f.com/wp-content/uploads/2018/07/360F-The-Future-of-Automation-in-
Investment-Services_Robo-Advisors-vs-Digital-Assistants.pdf
12
 Robots are here | The rise of robo-advisers in Asia Pacific

Spotlight on Singapore
To encourage the uptake of robo-advisory products and services, wealth management players must continue to invest in consumer
education to build awareness and familiarity with these platforms. In Singapore, awareness and likelihood of usage of robo-advisers
is highest among 25-34 year olds (see Figure 10), with women more likely to adopt robo-advisers than men (see Figure 11). More
specifically, women who are willing to use robo-advisers tend to have lower investable assets. This suggests that women with limited
investment experience may be more willing to consult a robo-adviser, and may therefore require a different set of robo-advisory
solutions.

Figure 10: Awareness and likelihood of usage of robo-advisers in Singapore20

Awareness of robo-advisers Likelihood of usage of robo-advisers

“Are you aware of robo-advisers?" “Would you consider investing in robo-advisers?"

42% 13%

9%
23%
14%
2%
1% 3% 1% 1% 1%
0%
18-24 25-34 35-44 45-54 55-64 Total 18-24 25-34 35-44 45-54 55-64 Total
Age, years Age, years

Figure 11: Gender differences in likelihood of usage of robo-advisers in Singapore21

Likelihood of investment with robo-advisers Gender differences

“Would you consider investing in robo-advisers?" Two distinct respondent groups that are considering investing
with robo-advisers

47% • Women with assets of

less than SGD 60,000 • Men with assets
26% • Average retail between SGD 350,000
investment experience and SGD 5 million

• Advanced retail
investment experience
Female Male

20 “Awareness and consideration of robo-advisers in Singapore”. FinTech News Singapore. 20 June 2017. http://fintechnews.sg/9908/roboadvisor/awareness-
consideration-robo-advisors-singapore
21 “Awareness and consideration of robo-advisers in Singapore”. FinTech News Singapore. 20 June 2017. http://fintechnews.sg/9908/roboadvisor/awareness-
consideration-robo-advisors-singapore
13
Robots are here |
 The rise of robo-advisers in Asia Pacific

Looking ahead

For wealth management players seeking to adopt or integrate robo-advisory solutions in their existing product
offerings, creating client-centric platforms to deliver superior client experiences – and secure deep and lasting client
relationships – is imperative.

In other words, they need to move from the status quo, where channels are mostly bank-centric and proprietary,
with limited client experience, to client-centric platforms that are multi-channel, cross-technology, driven by customer
insight, and offer services that go beyond basic banking needs (see Figure 12).

Figure 12: Building client-centric platforms

Bank-centric platforms Client-centric platforms

Bank Bank Online

Client

Call centre Mobile

Call Mobile Mail Online

centre
Open APIs Mail

• Limited client experience • Enhanced client experience

• Proprietary banking platform • Multi-channel, and cross-platform/cross-technology

To deliver this, they will need to focus on five strategic imperatives. Firstly, although the deployment of robo-advisory
technology has the potential to enable wealth management companies to lower costs and reduce the level of
human labour involved, companies must shift their overall mind-set and strategies to place the client at the centre of
everything they do, and move from a focus on cost reduction to experience enhancement.

Secondly, with clients now accustomed to interacting with technology platforms on their own terms, companies
must increase their agility to engage with clients at their preferred times and through their preferred channels.
Thirdly, through the use of data aggregation and analytics, companies should shift from reactive advisory to proactive
advisory, and deliver investment insights that a client may need, but may not yet be aware of.

Finally, companies will need to develop the competencies to create highly personalised client experiences within an
end-to-end, integrated ecosystem. To do so, they will need to invest in technology capabilities, including advanced
analytics, machine learning and contextual engagement, and collaborate with a variety of players across different
industries, such as technology companies, in order to deliver these platform experiences.

14
 Robots are here |
 The rise of robo-advisers in Asia Pacific

Contact us
Researched and written by

Christian Gilmour
Executive Director, Consulting
Deloitte Southeast Asia
[email protected]
+65 6232 7100

Christoph Kunzle Lissa Toh Benjamin Tan Jin Hong Felicia Khoo
Senior Manager, Consulting Manager, Consulting Consultant, Consulting Consultant, Consulting
Deloitte Switzerland Deloitte Southeast Asia Deloitte Southeast Asia Deloitte Southeast Asia

Southeast Asia Financial Services practice

Southeast Asia Financial Services Leader

Ho Kok Yong
[email protected]
+65 6216 3260

Brunei Lao PDR Audit & Assurance

Daniel Ng Hui Hua Choopong Surachutikarn Tay Boon Suan
[email protected] [email protected] [email protected]
+673 222 5880 +66 2676 5700 +65 6216 3218

Cambodia Philippines Consulting

Kimleng Khoy Bonifacio Lumacang Lim Eng Hong
[email protected] [email protected] [email protected]
+855 2396 3788 +63 2 581 9000 +65 6232 7104

Guam Singapore Financial Advisory

Tung Wei-Li Ho Kok Yong Jeff Pirie
[email protected] [email protected] [email protected]
+1 671 646 3884 +65 6216 3260 +65 6216 3168

Indonesia Thailand Radish Singh

Rosita Sinaga Somkrit Krishnamra [email protected]
[email protected] [email protected] +65 6530 8077
+62 21 2992 3100 +66 2034 0000
Risk Advisory
Malaysia Vietnam Somkrit Krishnamra
Anthony Tai Thinh Pham [email protected]
[email protected] [email protected] +66 2034 0000
+60 3 7610 8853 +84 839100751
Tax & Legal
Myanmar Michael Velten
Aye Cho [email protected]
[email protected] +65 6531 5039
+65 6800 2255

15
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its
global network of member firms, and their related entities. DTTL (also referred
to as “Deloitte Global”) and each of its member firms and their affiliated entities
are legally separate and independent entities. DTTL does not provide services to
clients. Please see www.deloitte.com/about to learn more.

Deloitte is a leading global provider of audit and assurance, consulting, financial

advisory, risk advisory, tax and related services. Our network of member firms in
more than 150 countries and territories serves four out of five Fortune Global 500®
companies. Learn how Deloitte’s approximately 286,000 people make an impact
that matters at www.deloitte.com.

Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm
of DTTL. Members of Deloitte Asia Pacific Limited and their related entities provide
services in Australia, Brunei Darussalam, Cambodia, East Timor, Federated States
of Micronesia, Guam, Indonesia, Japan, Laos, Malaysia, Mongolia, Myanmar, New
Zealand, Palau, Papua New Guinea, Singapore, Thailand, The Marshall Islands, The
Northern Mariana Islands, The People’s Republic of China (incl. Hong Kong SAR and
Macau SAR), The Philippines and Vietnam, in each of which operations are
conducted by separate and independent legal entities.

This communication contains general information only, and none of Deloitte

Touche Tohmatsu Limited, its member firms, or their related entities (collectively,
the “Deloitte Network”) is, by means of this communication, rendering professional
advice or services. Before making any decision or taking any action that may affect
your finances or your business, you should consult a qualified professional adviser.
No entity in the Deloitte Network shall be responsible for any loss whatsoever
sustained by any person who relies on this communication.

© 2019 Deloitte Southeast Asia Ltd