Futu Securities CEO: data-driven wealth management will displace traditional providers
Video: Dennis Wu explains how data is helping new companies take marketshare in wealth management.
Dennis Wu, CEO of Hong Kong-based Futu Securities, says data is enabling new competitors to eat into the business of traditional wealth managers. Futu, established in 2013 and now backed by Tencent, runs an online platform allowing Chinese retail investors to trade U.S. and Hong Kong stocks.
Technology allows disruptive players to move sales online, as well as customer-onboarding and KYC. So far this is most effective in China, where information to verify identities is most readily available. Not only does this save costs, but, he argues, it actually makes for a better and more accurate process.
“Unlike traditional wealth-management companies, fintechs are improving our data – and improving the industry,” told an audience at the AMTD-Lendit Global Fintech Investment Summit in Hong Kong, in July (to which DigFin is a media partner).
In this video, Wu outlines how fintech companies are taking a different approach to wealth management in China, using data from a growing pool of customers to create increasingly competitive offerings. (In Mandarin, with English subtitles.) See also our video from the same event with Dianrong's Soul Htite.