62% of banks surveyed are focused on improving the online and mobile experience for their clients
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced the results of a survey examining wealth management operations and technology in Asia.
The findings show banks in Asia do not have the technology to meet high net worth customers’ reporting and analytics demands. 85 percent of those surveyed say their middle office technology is not up to par. 49 percent of respondents believe the most significant client reporting challenge is access to accurate investment data. When asked about plans to improve overall customer experience, 62 percent indicated providing online and mobile access is a priority.
“With increasingly sophisticated customers and regulators demanding timeliness, accuracy and accessibility to investment information, the pressure is on banks to evaluate their technology and operations. Banks need the right technology to underpin this new service model or work with a service provider who can manage the entire process,” said Christy Bremner, Senior Vice President, Institutional Investment Management, SS&C Technologies. “The survey highlights a number of gaps for wealth managers in Asia. The issues can be alleviated though the use of scalable technology, deployed onsite or through a service partner, to improve operational efficiency and enable a great customer experience.”
Other key findings from respondents include:
The SS&C Performance Management Survey was conducted in partnership with Hubbis, an expert in the Asian wealth management industry. The results are based on responses from 61 executives including COOs, CIOs and other senior executives in technology and client reporting roles at international and local private and consumer banks. The majority of respondents (approximately 70%) are based in Hong Kong and Singapore, with the remainder split between India, Malaysia, Indonesia and Thailand.