Client reporting platforms need to change along with the trends in the securities industry by providing “more extensive, in-depth, flexible and reliable” reports, according to findings from market research firm Aite Group.
The report, “Stand-Alone Client Reporting Platforms for the Institutional Market: Beyond the Basics,” says customized and high-quality client reporting has become more important than ever now that “financial institutions have shifted their focus toward operational excellence and risk mitigation.
That means technology vendors have a tremendous opportunity for innovation and competition by crafting products and platforms to meet the needs of today’s ever-changing market, say Aite analysts. New opportunities outside the U.S. and Europe are also a potential source of growth, according to the report.
With great opportunities, however, come great challenges.
“Rapidly changing regulatory requirements and ever-evolving client needs push vendors to place emphasis on new feature development to stay competitive in the market,” says Gabriel Wang, analyst in Institutional Securities and Investments at Aite Group.
“In order to flourish in the market today, the best client reporting platforms must go beyond simply generating client reports,” by providing greater flexibility, workflow integration and more intuitive user interfaces than in the past, according to the report.
In related news, a provider of client reporting platforms, Equipos Coric Client Communications, has changed its name to SimCorp Coric Client Communications following the March 2014 acquisition of Equipos by SimCorp.
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