Multiple factors have contributed to the bank’s pressures in private banking and wealth management. Fees are on the ebb due to increase in passive investments and easy access to funds. For active strategies, discerning clients demand better measured performance and attributions. Not only is alpha difficult to find in the new competitive context, removing bias is even more challenging. Cross-border asset volumes subject to regulatory pressures of AML, tax and investor protection regulations have added to costs as well, but seldom are wealth management platforms integrated well-enough globally to stay resilient. Further, expectations of the ‘connected’ customer are high on enhancing their experience and financial returns. All this demands disruptive approaches to transform the private banking and wealth management landscape.
The challenges can be met effectively with use of the right technology strategy, underpinned on automation, robotics, AI, cloud and analytics with a strong data-driven approach that helps separate true financial management costs from the operational costs in the new environment and reduce both. This can help tackle compliance costs and turn it around for competitive advantage, while digital technologies with behavioural models at the core can be at the forefront for improving client investment propensity and retention, to which bottom lines have a direct correlation. Better talent and increased workforce productivity can move hand-in-hand. Advisory capabilities can finally leap to the next level by hybridizing ‘human’ and ‘machine’ components.
With all this in the view, Hexaware has chosen and developed capabilities in the following focus areas.
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