As in other regions that have witnessed similar economic performance, Thailand is now home to a rapidly growing middle class, characterized, as elsewhere, by higher levels of disposable income. Not surprisingly, property developers building luxury condos were among the first to arrive and the luxury brands now on display in the malls of Siam Square were also quick to capitalize on this new customer segment. The wealth management industry however, usually at the forefront of such changing demographics, seems to have been slow to respond.
Initially hampered by high barriers to entry, low levels of financial literacy and rapidly changing regulations, the wealth management industry now seems to be gaining traction in this frontier market but what opportunities exist? What are the hurdles that must be overcome and what are the threats to success?
In our latest report, we put a spotlight on Thailand’s wealth sector in the wake of a changing demographics and growing wealth segment. This article explains:
- challenges that banks and wealth managers are facing in an attempt to capture the growing segment.
- reasons why banks in Thailand are unable to capture the majority of the wealth.
- how banks can grasp the opportunity in the Thai wealth management segment through technological innovation.