The global growth in the number of high-net worth individuals has meant tougher competition between wealth management firms. Wealth managers are increasingly seeking new ways to gain a competitive advantage through the differentiation of their service delivery and especially when competing on investment returns alone can be marginal. This is all in the context of increased cost of regulation and margin pressures. It is clear that smart use of technology will be a valuable investment in developing a superior and scalable service offering while providing the transparency demanded by regulators, customers and internal business teams efficiently.
Wealth managers see this period as an opportunity to reassess the delivery and robustness of their service offering, product delivery and competitiveness. This is being driven by a multitude of factors including:
- Clients demanding more sophisticated performance analytics
- A focus on the end user experience including client reporting and mobile delivery
- Compliance automation to overcome the cost burden of meeting the increase in regulatory requirements
- Lowering the cost of ownership through standardisation onto a single wealth technology platform across regions while addressing jurisdictional nuances of regulation
- Implementation of a common infrastructure across private banking and retail wealth management to create efficiency and a continuum in service delivery
- Demand for business and management intelligence to make more informed investment decisions and recommendations to clients
There is a growing recognition by wealth managers that the ability to address these challenges comes down to investment data best practice. Business and technology are coming together to define how best to aggregate, enrich and deliver investment data to all stakeholders efficiently so they are empowered to make informed investment and business decisions.
Learn more about how DST Global Solutions can assist your firm in meeting these challenges and help position you for growth:
Anova, our post-trade investment data management and aggregation solution, delivers the means to acquire, aggregate, consolidate and distribute data across the enterprise via rich analytical calculation engines and extensive data aggregation and reporting capabilities. In today’s challenging marketplace, Anova offers the ability to aggregate data from multiple sources in the wealth management operation for real-time update of positions to enable a complete, accurate view of each client’s portfolio.