28 connected strategy for asian wealth management ^Top ¨ Do clients see the recommendations as relevant and timely? ¨ Does the curation process learn from and improve with each subsequent decision made by the client? ¨ Is there a connected data feed on user preferences and implied behaviors? ¨ Is clickstream analytics employed to enrich the client’s profile on an ongoing basis? Impact on efficiency frontier • Raises willingness-to-pay: The targeted driver is utility, in particular the tangible aspects of performance and fit. Personalization and advice are among the high- est-rated drivers of willingness-to-pay. Firms that deliver a connected curated experience would therefore raise willingness-to-pay. • Lowers fulfilment cost: A connected recommendation engine has low marginal fulfil- ment cost and significantly lowers fulfillment costs over time. It is in effect limitless in the number of requests it can concurrently address and answer and is scalable with the supporting technological infrastructure. Case examples There are a small but growing number of wealth managers in Asia and globally who have started to offer connected curation experiences (see Figure 10). This is still in an early stage of development in the industry. • DBS’ Intelligent Banking is a nascent example in Asia: DBS has undertaken a me- thodical approach to building a cohesive, connected client experience, enabling a range of digital capabilities on mobile via their iWealth mobile App32. They use their connectivity with clients to automatically curate a range of FX and stock investment ideas via iWealth and “Smart Triggers” for equity and FX investments. By analyzing customers’ portfolio holdings and prior investment activities, the iWealth app alerts customers to curated equity and FX ideas generated by its investment experts. This creates an information loop leveraging their digital app and the customer in a repeatable manner for millions of clients in a way not feasible without a connected customer experience. • Globally, Morgan Stanley’s Next Best Action is an example of connected curation: As one of the largest incumbent wealth managers with its ~16,000 financial advisors, 32 DBS iWealth was named the #1 wealth mobile app, Cutter Research, 2020