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WealthTech EvolutioneNewsletter Autumn 2018

The global asset and wealth industry is embracing a digital transformation across disciplines. Customers’ increasing demands for unique personalised experience, new regulatory requirements along with technology advancements are reshaping the sector. Thus, Asset and Wealth Managers, who quickly adapt to these challenges and renovate their operating models and process, can achieve impressive profitable growth.

As mentioned in Deloitte’s report The future of asset serving | Shaped by three disruptive technologies “A huge wave of technology disruption is heading toward the asset servicing industry. Within a five year timeframe, robotic process automation (RPA), blockchain, and cognitive systems will have a dramatic change and a profound, lasting impact on service providers’ operations". In the report, Deloitte underlines that the rise of disruptive technologies can offer great opportunities to incumbents to achieve improved productivity, minimise operational costs, reduce risk and comply with regulatory scrutiny, while enhancing client service and expanding to a wider range of market segments, competitively.

Furthermore, according to the report findings “automation could achieve cost savings of approximately 30–40 percent. Opportunities have emerged for new technologies to replace back- and middle-office repetitive, manual and cost-inefficient processes, with improved process automation–delivered on a continuous basis.”

In the EY Wealth Management Outlook -- 2018 survey a global growth and an unparalleled ongoing transformation in the industry is expected. Among others it highlights:

  1. The global volume of net investable assets of high-net-worth individuals (HNWI+) will increase by around 25% to almost US$70 trillion by 2021.
  2. Holistic wealth management will emerge as a new kind of digitalised business model. Holistic wealth managers are expected to gain a market share of 30% by 2025.
  3. Wealth managers with traditional business models will largely disappear from the market as a result.

Asset and Wealth Managers (AWM) are experiencing a huge wave of overwhelming digitalised change. Added value is created by focusing on digital infrastructure as it provides a holistic viewpoint of the client’s wealth condition and offers unique and personalised advice while improving operational and cost efficiency along with regulatory compliance. Therefore, tech-savvy AWM who embrace the full potential of the digital revolution and implement innovative solutions will better compete in the evolving market environment.

Profile Software, capitalising on years of experience in the investment management industry, delivers a range of innovative applications with advanced capabilities. They are globally implemented, available either on premises or in the cloud providing unparalleled flexibility, scalability and superior service to both the organisations and their clientele. The solutions’ modularity enables firms to utilise the desired functionality and achieve efficiencies and operational excellence on a single and secure platform.

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