Milvus Software has launched a new product aimed at providing the wealth management sector with a leading edge online Internet-based service.
Milvus i3 is the result of months of intensive research and development meeting the specific needs of the wealth management industry.
Where retail banks have installed and operate Internet banking services, the requirements of the wealth management sector differ so greatly that few software providers have tackled this area of the market. i3 is the only system available which meets these distinct needs head on.
Director of Online Solutions Richard Campbell said there is significant advantage to be gained by wealth managers and their clients if Internet technology is applied in the right way.
"The sector has been reluctant to embrace the online channel as many fear that it will harm the face-to-face relationships with their clients. That is a valid concern when applying inappropriate retail Internet banking technology to private client relationships." he explained.
Private clients are becoming increasingly familiar with using the Internet for some of their financial services needs and perceive it as a useful and convenient option but not necessarily as a replacement for a full wealth management service.
"We developed i3 specifically to complement existing private client relationships. It provides a complete view of wealth across asset classes, on demand, with performance reporting, and intelligent secure messaging to encourage dialogue and deeper understanding between the bank and their clients."
An increasing number of wealth managers are now offering Internet banking, and some important lessons are being learnt about how the channel can support the business. Those without, or with only a weak online wealth management capability, are seeing business migrate to those banks that have invested in a strong online channel. Some of the larger market leaders have incurred extremely high costs to develop their custom online wealth management systems. Our goal is to offer the capabilities of the market leaders at significantly reduced cost, risk and time to market." Mr Campbell explained.
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