Eighty-two per cent of High Net Worth Individuals (HNWIs) in Asia-Pacific (excl. Japan) expect most or all of their wealth management relationship to be conducted through digital channels in five years, in contrast to 61 per cent of HNWIs in the rest of the world, according to the Asia-Pacific Wealth Report 2014 released Tuesday by Capgemini and RBC Wealth Management.

Demand for digital interactions, including through the emerging channels of mobile applications, social media, and video, is high across Asia-Pacific HNWIs of all ages and wealth levels.

The report notes that the stakes are high for firms that do not deliver a sufficient digital experience to the region’s HNWIs: 83 per cent of those in Asia-Pacific (excl. Japan) would consider leaving firms that lack an integrated channel experience versus 62 per cent of those in the rest of the world.

Almost three-quarters (73 per cent) of Asia-Pacific (excl. Japan) HNWIs considered most or all of their current wealth management relationship to already be digital compared to only 55 per cent of those in the rest of the world.

Asia-Pacific is also the only region in the world where HNWIs feel digital contact is more important than direct contact with their wealth managers, offering great opportunities for wealth management firms to better meet HNWI needs through digital channels.

Asia-Pacific (excl. Japan) HNWIs uniquely cite digital contact as more important for every type of interaction with firms, including gathering information, engaging with wealth managers, and executing transactions. In particular, they have the highest preference globally for real-time reporting (45 per cent) over scheduled reporting (26 per cent), though those in Hong Kong proved an exception, preferring reports on a scheduled basis.