62% of banks surveyed are focused on improving the online and
mobile experience for their clients
WINDSOR, Conn., April 23,
2015 /PRNewswire/ -- 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:
- 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
- 21 percent of banks continue to rely on spreadsheets or
end-user databases for tracking investment data
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.
A copy of the report summarizing the full survey results is
available for download here together with an infographic
summarizing the key findings.
About SS&C Technologies
SS&C is a global provider of investment and financial
software-enabled services and software focused exclusively on the
global financial services industry. Founded in 1986, SS&C has
its headquarters in Windsor,
Connecticut and offices around the world. Some 7,000
financial services organizations, from the world's largest
institutions to local firms, manage and account for their
investments using SS&C's products and services. These clients
in the aggregate manage over $26
trillion in assets.
Additional information about SS&C (NASDAQ: SSNC) is
available at www.ssctech.com.
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SOURCE SS&C