IBS Journal June 2017
39
suite had the most success with more than double the number of new customer deals (18 deals) compared to 2015. Many of the company’s sales during the year came from Europe as opposed to its traditional markets – Asia and Middle East. This year’s runner-up was Objectway. The Milan headquartered supplier has a wide array of wealth management products which allows them to offer an integrated front-to-back office wealth management solution. This year’s Sales League Table featured four of its products - Conectus, eXimius, Wealth in One and Altimis - which together clocked 11 new customer deals. The other notable private banking players such as the Greece based Profile Software and the Swiss supplier Avaloq also had a good run in terms of new customer wins. Profile Software maintained its momentum with six
new customer deals during the year. Interestingly Avaloq, had only two new customer deals for it conventional Banking Suite, but performed relatively better with its Digital Banking Suite winning four new customer deals in 2016.
In terms of the strategy ahead for private banking system providers, product development will be a key focus area with many of them focusing on adding analytics functionalities, digital front office capabilities, automated advice and cloud based solutions. Geographically, Asia and Europe seem to be the target markets for most players. More than 60% of the overall private banking deals of suppliers participating in the Sales League Table took place in Europe. While players such as Miles Software and Objectway have affirmed their strategic focus in European markets, Avaloq has reportedly been exploring Asian markets such as China, Singapore and Hong Kong.
All things said and done, the outlook for private banking systems is expected to be positive what with reports estimating Global High Net Worth Individual Wealth to surpass US$100 trillion by 2020, nearly three times of the reported wealth in 2006.
www.ibsintelligence.com
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