Orchestrating a Seamless Experience

Transcription

1 Orchestrating a Seamless Experience How Integration defines today's 7 key trends in wealth management Banks are being forced to rethink strategies that worked earlier because of the changing expectations of their high net worth clients. With an increasing number of banks offering wealth management solutions, the service itself is no longer a differentiator. A great wealth management experience is what customers want, and the way to make it happen is integrating technology systems. Here are seven trends - all underpinned by integration - that will change the way wealth management systems are approached 1

2 Customer Data Online access in real-time to aggregated and consolidated customer information Different systems to offer products for different asset classes Products and offers on separate systems Customer information, transaction data and portfolios on another system Banking, investments, and insurance data on an integrated platform A cloud-based market data solution and cloud-based web APls

3 Reporting Tools Deliver tailored and content-rich client reports with dynamic UI and what-if capabilities in real-time Variety in new investment products Data residing in multiple systems Constant change in reporting requirements Incorporation of dynamic reporting tools Consolidating data across front, mid and back offices, using big data approaches Using standards for reporting such as GIPS 3

4 User Experience Deliver a consistent user experience across all channels Data resides in multiple back-end systems on different platforms Consistent delivery of services and content across multiple channels Adoption of HTML5 to provide a single platform for mobile devices Consolidating data across front, mid, and back offices SOA to enable ease of integration to delivery channels 4

5 Back Office Operations Reduce need for manual intervention in seamlessly pushing and pulling data across front, mid, and back office applications Inflexible back office legacy systems do not support straight through-processing Upgrade required to new generation front office applications and mobile devices Market ready integrators with plug-play interfaces Banking and investment data integration across the enterprise SOA based integration of in-house and third-party applications 5

6 Back office Platforms Increase operational efficiencies through end-to-end processing of multiple asset classes on a single platform Data consolidation and tracking difficult due to multiple back office systems catering to different asset classes Multiple interfaces to enterprise applications such as core banking Inconsistent business rules across systems A unified platform that enables processing of multiple asset classes Utilizing a common integration services/layer to external systems Common and specific business rule engines across the asset classes 6

7 Social Media Channels Social media engagement to retain and increase loyalty with customers and attract new prospects Build business case around return on investments(roi) Difficult to differentiate content from other wealth providers Leveraging social insights in portfolio design Accept social media as a channel, not only for marketing and support, but also for creating new leads and insights Big data platforms to mine actionable insights from enterprise and social data Open enterprise applications to enable ecosystem to build new applications 7

8 Customer Relationship Management An integrated CRM for prospect management, and to provide a streamlined client on-boarding and account management process Lack of Enterprise CRM solutions catering to the business requirements of banking and wealth management Customer information held in silos across business streams with little or no integration Enterprise-level CRM integrated with different business applications Streamlined flow of customer data Unified view supported by data driven insights leveraging advanced analytics techniques 8