SS&C Technologies Holdings, Inc., a Windsor, Conn.-headquartered provider of financial services software and software-enabled services, reports that a survey examining wealth management operations and technology in Asia has found that “banks in Asia do not have the technology to meet high net worth customers’ reporting and analytics demands,” according to an SS&C statement.
Specifically, the survey of 61 senior executives finds that “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”; and “62 percent indicated providing online and mobile access is a priority” for improving customer experience.
The survey was conducted in partnership with Hubbis, which specializes in Asia-specific data about aspects of Asian wealth management. “The majority of respondents (approximately 70%) are based in Hong Kong and Singapore, with the remainder split between India, Malaysia, Indonesia and Thailand,” SS&S notes.
Other survey findings include the following:
- 56 percent reported performance and attribution analytics will deliver the most value to customers;
- 38 percent cited automating and consolidating investment data in a timely manner an ongoing challenge for client reporting;
- 57 percent don’t think their investment management data analytics are meeting reporting expectations;
- 56 percent don’t have a single data management platform that consolidates data from all relevant systems;
- And 21 percent of banks continue to rely on spreadsheets or end-user databases for tracking investment data.
SS&C’s clients in the aggregate manage over $26 trillion in assets, the company says.
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