SunGard's Ambit Wealth Management
solution suite is a complete wealth management
system that helps banks and family offices across Asia develop
highly personalized client services, to help them attract, retain
and grow profitable client relationships
Ed Lopez, executive vice president of SunGard's Ambit Wealth
& Private Banking business unit, said, "Today Asia houses the
world's largest high net worth population*: this new revenue stream
has made it one of the world's most attractive banking regions. As
a result, competition is intensifying, client demands are growing
and regulatory pressures expanding. Wealth managers and private
banks in the region will need to boost their operational efficiency
to more effectively respond to these widespread changes and
capitalize on new opportunities in order to help secure long-term
profitability."
SunGard has identified ten trends shaping the Asian wealth
management and private banking industry:
1. With domestic retail players expanding into wealth
management, and international counterparts and new entrants such as
family offices, competition is diversifying.
2. As the Asian high net worth individual sector matures,
demand increases for more sophisticated investment
products.
3. Asian banks moving towards advisory-based services face
challenges in building client trust and confidence, complicated by
client propensity to invest a small portion of their wealth with
any one advisor.
4. To deliver better, more competitive client service,
relationship managers will play a more advisory-based role, which
requires a single client view across the bank and process
efficiency.
5. With margins under pressure, staff productivity is under
greater scrutiny as banks strive to reduce cost to income
ratios.
6. Banks are increasingly investing in front-office tools to
help empower advisors to establish deeper, sustainable and more
targeted relationships.
7. Banks are seeking more control of client relationships
through better management of customer information as competition
intensifies staff attrition.
8. Local banks need strategies to help entice and retain wealth
onshore, while regional retail players need private banking
strategies to help capture new opportunities.
9. The shift towards mobility of services and information means
relationship managers are required to interact and provide account
updates to clients 'on the go' with relevant, real-time
information.
10. An increasing focus on governance, risk and compliance
around sales, product suitability, appropriate disclosures and
advisor competency standards, will help Asian private banks better
manage counterparty risk.
SunGard's Ambit Wealth Management solution suite is a
complete
wealth management system that helps banks and family offices
across Asia develop highly personalized client services, to help
them attract, retain and grow profitable client relationships. The
solution suite also helps financial institutions improve staff
productivity through better workflow management and helps improve
cost control and operational efficiency for better profitability
management.