Wealth management firms are increasingly
turning to outsourcing to help deal with post-financial crisis
challenges, according to a new report.
Wealth Management Outsourcing: A Global
Perspective, from research and consultancy Celent, said the
wealth management services industry has changed its approach since
the global financial crisis to incorporate outsourcing
practices.
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In the report is a survey of 12 global vendors
active in wealth management outsourcing space, who were asked what
they thought are the main benefits of this technology.
Out of a total of 12 possible factors for
choosing outsourcing, cost-cutting, improving efficiency, scaling
up or down operations and getting rid of noncore activities were
ranked the most important.
US outsourcing leader
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By GlobalDataTechnology is moving increasingly centre stage
to meet these requirements, and firms are using outsourcing to
alleviate managing these problems in-house, the report said.
Celent said the US currently leads the world
in outsourcing, with many of its tier I and tier II banks using the
technology on a large scale.
Lagging behind the US, Europe is hindered by a
stringent privacy policy, especially in Switzerland, that has
delayed the incorporation of outsourcing, Celent added.
Meanwhile Asia has yet to use outsourcing on a
serious level, the report concluded.
