(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 06:02 /Comserve / -- Wealth Management Platform Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Wealth Management Platform market is expected to register a CAGR of 14.37% over the forecast period from 2020 to 2025. Robust wealth management platforms offer support for a broad set of digital channels such as smartphones, tablets, and browsers. Supporting cross-channel experiences reduces friction for financial institution's customers and financial advisors resulting in more efficient operations. As trading and investment management fees go to zero and firms grapple with decreasing margins, they have the requirement to digitize operations and find efficiencies elsewhere. Customer-centric business priorities, such as fully digitized client onboarding, goal-based financial planning, and secure, real-time collaboration between the client and financial advisor, make wealth management platforms stand out. Some platforms offer AI components such as machine learning, natural language processing, and digital process automation to reduce exceptions, making the onboarding process paperless and frictionless.
- As multiple investors seeking advice for withstanding the current uncertainty in the investment environment, fintech companies are launching wealth management platforms that give wealth managers the insights and data they require to understand better and serve the needs of multiple clients. For instance, in June 2020, Fidelity National Information Services, Inc. launched FIS Unity, which utilizes open application programming interfaces (APIs) to give wealth managers a complete, integrated view of a client's financial assets across several financial providers. Using the system's analytics tools and intuitive dashboards, wealth managers can gain insights into their clients' investment history, lifestyle changes, and investing preferences, enabling managers to offer personalized investment recommendations that meet clients' current and future needs.
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Key Market Trends
Banks are Expected to Hold Significant Share
- According to Dorsum, based on surveys conducted with their banking clients, an average advisor needed to spend up to 60 minutes preparing for a meeting utilizing various back-office and auxiliary systems to retrieve the necessary data clients may request during the session. With a wealth management platform, this time significantly reduces since all relevant data is gathered in one place from all source systems with automatic data load overnight. Wealth Management Platform makes banking customers feel their investments are safe, which leads to more robust engagement and further investment willingness, which is tangible because they visit their advisors more frequently. The platform is expected to serve the growing demand and drives administrational efforts and costs down, resulting in a significant increase in effectiveness throughout the advisory network.
- In January 2020, private sector lender IndusInd Bank has launched its wealth management platform Pioneer Banking, which caters to high net-worth customers. Based on the bank's research-based capabilities, the new service merges wealth management solutions with an array of personal and commercial banking products. Moreover, multiple companies the market offer a wealth management platform exclusively for core banking abilities. For instance, Avaloq Banking Suite's flexible architecture allows for custom solutions and integration with third-party apps to create a personalized experience for the end investor and advisor. Avaloq Banking Suite's can create consistent client and advisor solutions using personas and a dynamic goals-based wealth management module that automatically adapts to the client's wealth and life situations using probability algorithms.
North America is Expected to Hold Significant Share
- Wealth Management offerings in the North American region are becoming essential to attract and retain profitable retail customers. For instance, affluent mass customers in the region represent a significant part of the net income generated by retail banks. It is expected that their relationship with a provider of wealth management services as their most important financial relationship. As a result, many diversified financial services firms in the region expand on their wealth management businesses.
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The industry in the region is in the midst of significant change where a new generation of investors, whose expectations and preferences have been shaped by new technologies and by their living through the last financial crisis, have brought new standards to the industry in terms of how investment products are being delivered.
- In January 2020, Pascal Financial, an emerging fintech company with Canada's only fully integrated, AI-powered digital wealth management platform announced that it had integrated its digital wealth platform with Sterling Mutuals, one of Canada's premier independent mutual fund dealers with over USD 4 billion in assets under administration and almost 300 advisors and support staff. Pascal will be working with Sterling's advisors to promote the digital tools they need to thrive in a time of disruption. Pascal's advanced functionality and user design, client, and advisor advanced alerts engine, client engagement and behavioral finance tools, investment portfolio tools, and compliance are expected to provide Sterling a significant edge in the industry.
Competitive Landscape
The Wealth Management Platform market is highly competitive, owing to the presence of multiple vendors. The market appears to be moderately concentrated. Some of the major companies in the market include Avaloq Group AG, Fidelity National Information Services, Inc. (FIS), Prometeia S.p.A, etc. Additionally, many wealth management platform providers are making partnerships and acquisitions to expand their product portfolio and venture into new geographies.
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Assessment of the impact due to COVID-19 on the market
5 MARKET DYNAMICS
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