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IBS SALES LEAGUE TABLE
Private banking system supplier performance
systems market had a good year in 2016 with healthy growth in new customer acquisition for most of the leading players who participated in the IBS Sales League Table. Of note is the proportion of private banking deals as a percentage of total conventional back office deals which has almost doubled in the last five years from 6.7% in 2012 to 11.6% in 2016.
T
A look at the wealth management industry gives a good perspective on what has been driving these markets. There has been a notable change in the wealth management market since the financial crisis. The number of high net worth clients and wealth have reached record levels over the years. The thriving customer base has, however, not resulted into higher profitability for wealth managers as their margins have been squeezed due to economic headwinds and higher operating costs from stringent regulatory compliance reporting requirements. This has led to wealth managers relooking at their investment strategy and internal operations, with technology playing a pivotal role.
he private banking and wealth management
Employing hosted systems and automating operations seems to be the order of the day in the market, both helping wealth managers to achieve their objective of cost optimisation. There is also increasing investments in improving customer experience by offering better analytical tools and omnichannel solutions.
Regulations such as the upcoming Markets in Financial Instruments Directive (MiFID II) which require higher transparency and granular reporting are also driving wealth managers, especially in Europe, to invest to better technology systems to ensure compliance to these regulations.
The regulatory pressure and cost optimisation agenda were the primary drivers leading to a growth in new customer deals for private banking systems. This is evident in the number of private banking deals which went up by 56% to 42 deals in our 2017 Sales League Table.
Miles Software and its Moneyware Wealth Management
www.ibsintelligence.com © IBS Intelligence 2017
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