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      "text": "But some incumbents, such as institutional and alternative asset managers, as well as family offices, are lagging in digital innovation. Family offices are the furthest behind, with more than half still just starting out on their digital journeys. The bigger the firm, the more digitally advanced. For example, only 3% of firms with over $100 billion in AUM are beginners, while 40% are leaders. North American firms are the most mature, with the fewest beginners and the most leaders, while APAC firms are trailing slightly, with almost a third still in the beginning stage.",
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      "text": "Our maturity model shows that trust firms, wealth advisory groups, and retail asset managers are furthest ahead in digital maturity, followed by broker-dealers and private banks. These incumbents are now even more digitally advanced than fintechs. There are several reasons: (1) The incumbents are much larger than fintechs, with deeper pockets to invest in digital transformation in compliance, cybersecurity, and other areas where fintechs have lagged. (2) Many fintechs are still in start-up mode, so they have not reached the critical mass needed to generate high ROI. (3) These incumbents have acquired fintechs or purchased or developed their own fintech.",
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