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Serving Wealthy Clients - Retail Banking Technology (Technology Focus)

Published by: Datamonitor

Published: Aug. 16, 2007 - 10 Pages


Table of Contents


DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS
The Ultimate Offering requires three critical components of underlying technologies
Front and middle office technology becomes a competitive differentiator
Well developed multi-channel features lay a foundation for effective distribution
Data management priorities are shifting to infrastructure and governance
Banks are consolidating their back-office systems across various lines of businesses
APPENDIX
Definitions
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Figures
Figure 8: Wealth management technology architecture overview
Figure 2: The next-generation ""ultimate offering"" desktop
Figure 3: Priorities within data management initiatives amongst wealth managers

Abstract

Introduction

An investigation into the evolution and best practices in the wealth management technology market

Scope
  • Covers financial institutions in Europe, Asia Pacific and North America
  • Areas covered include front to middle office, data management, distribution channels and back office.
Highlights

As wealth managers seek greater competitive differentiation, they need to develop an “ideal” service model. The Ultimate Offering, an architecture comprised of seamlessly interconnected, SOA-enabled components combined with underlying business intelligence and analytical CRM components, is emerging as the IT model in private banking.

For private banking, Datamonitor believes that face-to-face contact with the relationship manager will remain the primary distribution method for the foreseeable future, although the role of the Internet and call center will become more important, with a number of top-tier private banking players investing in credible eBanking offerings.

The combination of growing technological sophistication, increasing competition and an expanding mass affluent market, and the lack of legal restrictions on account opening in more markets are driving bankers to enhance their data management practices.

Reasons to Purchase
  • Gain visibility into the dynamics of the wealth management technology market
  • Gain market insight to assist in your strategic planning and go-to-market strategy


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