Banks in Asia do not have the technology to meet high net worth customers’ reporting and analytics demands, according to a survey by SS&C Technologies Holdings, a global provider of financial services software and software-enabled services.
Eighty-five percent of those surveyed say their middle office technology is not up to par, while 49 percent of respondents believe the most significant client reporting challenge is access to accurate investment data.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
When asked about plans to improve overall customer experience, 62 percent indicated providing online and mobile access is a priority.
SS&C Technologies senior vice president, institutional investment management Christy Bremner said, "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. 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
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData– 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.
