Infosys, a global leader in consulting, technology and outsourcing solutions, today announced the launch of the latest version of its Finacle wealth management solution.
The new offering from Finacle allows banks to quickly introduce new products and services, such as financial planning and investment products, along with traditional retail banking services. This will help banks strengthen their offering portfolio for High Net Worth Individuals (HNWIs) and mass affluent customers.
A recent Ovum study showed that HNWIs and mass affluent customers are among the fastest growing segments for banks. The study estimates that the HNWI banking and financial planning segment will grow by 7.5 per cent between 2011 and 2016. The mass affluent financial planning segment is slated to grow by seven per cent in the same period.*
The latest version of Finacle wealth management solution offers:
• Single platform for all wealth management customers -The solution uses a flexible architecture to give banks the ability to customize and release products quickly to address the changing needs of their retail and investment banking customers
• Financial planning and portfolio management- Sophisticated tools for risk profiling, goal planning and portfolio analysis empower advisors to provide the high levels of personalized service that today's HNWIs and mass affluent customers demand
• Additional asset classes- Fixed Income, Derivatives, IPOs and Alternate Investment modules have been integrated onto a single platform and enables banks to offer a wider selection of multi-currency and multi-asset class products
• New fee module- A new advisory and management fee module allows advisors to accrue and view management fees for a customer, or across multiple customers
• Advisor dashboard -A detailed dashboard provides an insightful, 360-degree view of each customer's net worth, assets and liabilities. This helps banks offer personalized products and services to HNWIs and mass affluent customers and increase wallet share within this segment
Haragopal M, Global Head - Finacle, Infosysnfosys: "Banks can no longer iggnore the growth potential that highly profitable segments like HNWIs and mass affluent customers offer, nor can they meet the needs of this segment without delivering a unique, customized experience. The enhanced Finacle wealth management solution will enable banks to offer a personalized advisory service, providing the differentiation necessary to compete in this lucrative market."
Mr. Jaroslaw Knapik, Senior Financial Services Technology Analyst at Ovum: "We predict that IT spending by the global wealth management industry will reach almost $35bn by 2016, powered by heavy investment in digital channels. The HNWI banking and financial planning segment will see the largest growth. The focus will be on providing the client advisor with the tools to improve client communication and loyalty. For the client, the emphasis is one of empowerment; banks will be investing in self-management tools such as personal finance management, portfolio management and goal planning to provide their HNWIs with greater control over their investments and financial planning."