Unisys has launched a wealth management solution for banks targetting the burgeoning 'mass affluent' market - defined by DataMonitor as individuals with investment capital between $150,000 to $1,000,000.
The Unisys e-@ction solution offers multi-channel compatibility, and includes an account aggregation component from Corillian which provides single-screen access to an entire financial portfolio on a single Web site.
The modular package also offers access to other best-of-breed partners, including Siebel, Equalizer, MFT and TBC. The total solution set includes integral back-end processing, financial analytics, customer profitability, operational risk management and anti-money laundering says Unisys.
Alastair Taylor, president of global financial industries at Unisys, says: "Financial institutions are focused on attracting the new high net worth individuals but, in reality, are not able to provide these sophisticated financial services due to a lack in capability and bandwidth of their current existing systems."
According to the Gemini World Wealth Report 2000, traditional retail and private banks are converging on the global wealth management market, which increased from $7.2 trillion to $25 trillion between 1986 and 2000, and is scheduled to increase to $32.7 trillion in 2003 and $44.9 trillion in 2004.
In a separate announcement, Unisys has partnered Corillian to resell its Internet banking and account aggregation services to mid- to large-sized financial institutions globally.