FINsights

Leverage technology for customer-oriented wealth management

The wealth management industry faces several challenges as it seeks to meet the emerging needs of clients. Organizations are exploring ways to offer clients the entire suite of investments, including brokerage and retirement products, banking, credit, trust and custody services in an integrated manner. While large firms are capable of offering a wide range of products, their ability to attract clients from the best-of-breed service providers depends on evolving a model that is convenient and provides better value.

Technology enables wealth management organizations to meet these challenges. Business Process Management (BPM), rules engines and Service-Oriented Architecture (SOA) can transform the business landscape of the wealth management industry.

• Business Challenges and Technology Priorities for Wealth Management
  By Ashok Vemuri
  

  Wealth management firms face several business challenges. This paper demonstrates how an agile technology environment can help companies respond rapidly to the changing business environment.

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• Achieving Client Centricity via Customer Data Integration
  By Sai Kishan Alapati and Ashwin Roongta
  

  Customer data is the biggest impediment in implementing 'client-centric' initiatives for wealth management companies. Customer Data Integration platform addresses this business challenge.

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• Integrated Advisor Workstation - A Roadmap
  By Merlyn Mitra and Anand Bhushan
  

  'Advisor workstation' is widely used by financial advisory firms to achieve their goals. This paper analyzes the current gaps in advisor technology. It focuses on 'Advisor Workstation' and reviews the techniques to reduce gaps.

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• The Role of Open Architecture
  By Emmanuel Chesnais
  

  High net worth individuals demand access to a wide range of wealth managers through open architecture platforms. This article discusses the benefits of open architecture and its implementation.

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• Managed Products - A Strategic Transformation Framework
  By Mak Datar, Sanjay Taneja and Rajeev Nayar
  

  Financial institutions need to capitalize on managed products. This article shows how firms, while launching new managed products, can gain significantly by adopting integrated reference architecture.

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• Holistic Wealth Management and the Unified Household
  By Alois Pirker
  

  Holistic wealth management and the unified managed household are gaining prominence in the wealth management industry. This article explores their feasibility and how they can benefit financial services firms.

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• Product Repository: The Foundation for Successful Open Product Architecture
  By Sai Kishan Alapati and Anita Stephen
  

  Financial institutions that adopt a technology-driven open product architecture platform must build a consolidated product repository for their product information needs. This paper examines the key functions of a product repository

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• Removing Glitches in On-Boarding the Wealthy
  By Muthukumar Krishnan, Sujata Banerjee and Bharat Rao
  

  The on-boarding process for high net worth clients, in its current form, is time consuming. Increasing regulatory scrutiny makes it even more complicated. This paper advocates the use of technology for an efficient on-boarding platform.

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• KYC Compliance - A Strategic Approach
  By Rajesh Menon
  

  Organizations that adopt a strategic approach to their Know Your Customer (KYC) systems need to focus on techniques for an efficient KYC process. This article discusses the challenges and best practices in KYC implementation.

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• Analyst Perspectives - Q&A with TowerGroup
  By Matthew Bienfang
  

  Matthew Bienfang, Research Director, TowerGroup, discusses the trends and regulations in the wealth management industry. He provides advice on how banks and financial institutions can cater to this complex yet rewarding segment.

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