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IBS Journal July – August 2015


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i Wealth management: what’s on agenda?


There is more change in the wealth management sector than ever before, with incumbent providers being squeezed by heightened customer expectations, new competitors and new regulations. Can they survive the onslaught? We speak to a number of market play- ers about what they see as the priorities and likely make-up of the sector going forward.


Long gone are the days of hoping that customers in the wealth management space would not desire sophisticated on- line ways of managing their finances. The shift has seen a great deal of catch-up in this sector in the last few years. Combined with the regulatory requirements that have come thick and fast, there have been relatively few back office system renewal programmes, although some multi-year projects within tier one banks have rumbled on. Whether the continued back office inefficiencies can continue in the medium to long-term is a moot point. This is a sec- tor, like many others, that has its fair share of new entrants, typically armed with much better technology than the incumbents.


Front office


The initial front office focus was mostly in client communication and reporting tools, says Steve Young, CEO at consulting firm,


Citisoft. ‘Increasingly more advanced firms are looking at more dynamic solutions to interact and share information with their customers, and to improve their customer experience. There is a clear feeling among many in the market that the upcoming consumer groups will require a different and more technology-influenced relation- ship than the traditional customer base, which was far more personal relationship orientated.’ Young believes that CRM is anoth-


er area of focus in wealth management. ’There has been pressure from the regu- lators to ensure that firms are matching appropriate products to consumers, and this has led to a raft of investment in the CRM area.’ Part of the benefit of front-end auto-


‘People, in other words, the actual clients,


like to feel “in charge” and are increasingly asking for self-service capabilities.’


Bruce Raine, International Private Banking Systems


mation should be extended availability. Bruce Raine, president at long- standing Bahamas-based wealth management soft- ware provider, International Private Bank- ing Systems (IPBS), says: ‘People, in other words, the actual clients, like to feel “in charge” and are increasingly asking for self-service capabilities. Few wealth man- agers are open 24x7 but an e-platform and self-service portal can be. Transac- tion orders, backed up by e-mail notifica- tion to relevant personnel, can be actioned overnight and on weekends, depending on markets etc. Clients can set their own report parameters (such as date ranges or filters) and generate and download reports for immediate consumption.’ At present, albeit with variances by


geography, Nicholas Hacking, director at private banking system stalwart, ERI, believes the top priorities are digital chan-


© IBS Intelligence 2015 www.ibsintelligence.com 21


overview: wealth management


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