38 connected strategy for asian wealth management ^Top Figure 17 provides an overview of connected customer experiences offered by wealth managers in Asia. This shows that many leading players are experimenting with con- nected experiences and are progressively building out relevant capabilities to strengthen these experiences. We expect higher investment levels and capability build outs in the “connected curation” and “coach behavior” segments given their large addressable mar- kets and nascent stage of development. Figure 17: Connected Customer Experiences offered by wealth managers in Asia The impact this could have on the efficiency frontier is visualized in Figure 18. Overall, the entire frontier is pushed out toward the top-right, as connected experiences raise willingness-to-pay, while simultaneously lower fulfillment costs. Our perspective is that these effects are most pronounced for mass affluent and affluent-focused wealth man- agers and online execution platforms. They are less impactful for private banks since the advisors already focus on fewer clients enabling stronger relationships with frequent engagement. At the other end of the spectrum, the “delegators” who use a roboadvisor want less agency in their investments so extensive “connectedness” with them is likely not desirable and would not raise willingness-to-pay. Connected customer experience Respond to desire Connected curation Connected coach Automatic execution Estimated total addressable market % of Asian consumers Less connected, analog incumbents Private bank Global universal bank Regional universal banks Self-directed trading platforms Roboadvisor SuperApp 30-50% 40-65% 5-10% } More connected, digital newer entrants No capability Advanced capability Source: Authors' analysis