In Hammond`s view, asset managers should not only focus on robo-advisers (systems which provide financial advice with minimum human intervention) but also robo-servicers which can cost-effectively respond to intermediaries` and end investors` needs more satisfactorily.
"The industry talks a lot about the rise of millennials and unfortunately at the moment, people have ignored the millennials, the under-35s, because they don`t have the money. But if you look at what`s forecast, I think in the next 15 - 20 years, in the U. the millennials will inherit about $15 trillion worth of wealth and I think in Europe it`s about $12 trillion," highlighted Hammond.
"So if the industry doesn`t wake up and get its digital act together in a way to engage with these clients, then I think it will suffer," the industry veteran warned.
Blockchain has been top of mind for many recently given the vertiginous growth of certain cryptocurrencies, such as ethereum, which has swelled in value by over 5,000 percent during 2017.
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