The Wealth Management space has experienced a gradual shift from accumulation to, income and risk management. The retirement opportunity is posed to be the single largest driver of growth and profitability for the financial services industry. For asset managers, this shift will bring with it some crucial implications which include ballooning of investible assets controlled by retirees and near-retirees, resulting in more emphasis in income generation and principle protection.
Birlasoft understands that service will persist as the key differentiator for advisors to attract and retain customers. Establishing the right mix of services, products, client segments and technology, Birlasoft helps organizations increase transparency and accelerate time-to-market.
Client Challenges
Wealth management firms face many challenges in formulating service offerings that meet customer needs. Some of these challenges include:
- Providing highly personalized & customized services
- Developing a personal relationship that drives the business
- Evolving client profile & client involvement level
- Ensuring compliance with IPS ( Investment Policy Statement)
- Passion investment (Philanthropy & Social Responsibility)
- Ensuring maximum leveraging of technology (as an enabler)
- Technical architecture and technology investment
- Acquiring intricate knowledge of cross-functional domain
What Birlasoft Provides
Birlasoft's technology strategy & competitive benchmarking offerings allow identification of technology platforms that provide best-in-class advisor & customer support. We help firms manage design, development, implementation and outsourcing of their programs, projects and technology transformation initiatives. Birlasoft's wealth management framework also provides these additional offerings:
- Developing a platform with single window interface to all applications
- Providing ability to address different customer segments with different service propositions resulting in improved customer satisfaction
- Superior functionality and single sign-on
- Presentation builder along with commission calculation & compliance reporting
- What-if Analysis & analytic reporting
- Research net
- CRM
- Multi currency trades, multi country asset management and custodian services management
- Improving controls and supervision through automation
- Seamless integration with Bank, DP and MF systems
Business Value
Birlasoft's wealth management services offer numerous benefits to organizations derived from:
- Financial advisors with the ability to leverage their clients' profile & portfolio information to identify cross-sell and up-sell opportunities, improve customer retention and increase wallet-share with their customers
- Shrink wrapped Wealth Management-specific functionality and processes
- Consolidated customer view meant specifically for Wealth Management
- Single platform to sell to, and service, affluent customers
- Ability to capture and analyze detailed demographics
- Use of best practices in the financial services, which empowers advisors with the tools and insight to maximize their production & assets under management
- Enhanced efficiency and effectiveness in daily activities
- Increased business insight for senior management