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As the market sits on the verge of a six-fold increase in growth over the next two years, according to analysis provider Datamonitor, CSC’s study of banks, insurers and advisory firms found a significant shortfall in many organisations’ ability to manage the emerging demand for bundled propositions, tailored to specific customer segments. According to the study, 60 percent of those surveyed admitted their organisation structure is a hindrance.
“Many organisations providing wealth management products and services today are woefully lacking when it comes to responding to the future needs of customers,” said Joanna Hall, leader of the new practice and consulting partner for CSC’s Financial Services Sector in Europe, the Middle East and Africa. “To best serve customers, organisations will need to incorporate many more partner and affiliate arrangements into their overall wealth management offerings, and ensure their organisational structures, both culturally and technologically, are fit for purpose.”
The aim of the study was to establish how organisations felt they measured up to serve the the requirement for a wider range of products and services, and provide a more holistic approach for customers seeking to manage their financial investments. According to those surveyed, the findings revealed a lack of integration between the systems and processes needed to provide such services, with less than 10 percent of those surveyed believing their current technology performance will suffice.
“This is of particular concern since the study also predicts a significant rise in the role of the Internet as both a distribution channel and guidance or advisory component within the wealth management sector,” added Hall. “Wealth providers need to review their business growth strategies, carefully identify their client targets and tailor propositions. The strategy then needs to be translated into a robust and cost-effective technology environment.”
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