What you need to know about digital wealth management
The wealth management industry is undergoing drastic changes. A well-rounded digital footprint is no longer a nice-to-have; it has become table stakes for financial institutions. A well set up offering can gain market share and grow the profit pool.
Digital delivery of financial services benefits from drastically reduced ongoing cost of servicing and the ability to scale without the dependency on real estate or qualified personnel.
Institutions that fail to embrace innovative solutions may soon find themselves falling behind in their competitiveness.
Some trends in the wealth management industry:
– Mobile phone penetration rates have shifted consumer behavior. With more and more services available through the phones which we carry in our pockets on a daily basis, why does anyone still need to walk into a branch and queue up?
=> Service your clients where they are. Use digital channels to provide a convenient and efficient service
– Generational hand-over of assets is bringing a younger generation in control that is much more attuned to digital offerings and their expectations are on a different level.
=> Having a broad offering available through digital channels, including comprehensive reporting capabilities, becomes an attraction.
– Financial Advisors and Relationship Managers are stretched thin. They need to source new clients, cater to existing ones, run internal management reports, attend compliance training and then somehow find the time to be completely up to date about financial markets and products.
=> empowering client-facing advisors with technology can enhance productivity and profitability while making use of the existing channels that clients know and trust.
Bento: a specialist in wealth management software
Our software partner is Bento, a market leader in Singapore, offering digital wealth solutions as white labeled B2B2C SAAS.
The technology is built for consumer platforms, banks, asset managers, insurers and brokers to launch digital wealth solutions.
With light integration effort and low capex we enable quick time to market.
Digital Wealth out of the box
The while-labeled modular solution includes
- -client onboarding with KYC integration
- -portfolio construction
- -risk management
- -portfolio review, and
- -client reporting
- -portfolio rebalancing
- -advisor dashboard
- -trade order routing
- -trade reconciliation
- -trade blotter
- -market data integration
The investment tools can be deployed as
- -enabler for financial advisors
- -DIY options for direct client engagement
- -Goal-based investment style for regular savings
- -sachet-style micro-investment option.
Customising wealth management software for local markets
Bento’s configurable platform is purpose built to serve the local market.
Bento is partnering with KrisFinSoft to work directly with local clients, to design and deliver wealth management software solutions that address specific client needs.
Do you require leading-edge digital wealth management technology combined with on-the-ground expertise?
Learn how we can boost your wealth management program now.