WealthTech Insights
Wealth Dynamix
CRM, CLM & Onboarding solutions for private banks & wealth management firms
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News & Thought Leadership
The compliance advantages of hybrid servicing
While wealth managers and private banks race to churn out new innovations to meet clients changing demands, they’re also facing the rising challenge of a stricter regulatory environment.
As such, it is of extreme importance to strike the right balance between the need to fulfil clients digital demands and regulatory compliance to avoid the risk of hefty regulatory fines and an adverse impact on the firm’s reputation.
There may be many ways in which firms can ensure the digital functionality of their hybrid model is compliant.
Here are three such features that we believe should be embedded to ensure greater compliance with regulatory requirements:
Read our latest article to find out more about the benefits of a hybrid servicing model for improved and integrated compliance.
Dispelling the myths surrounding hybrid servicing in wealth management
There are many fears surrounding the adoption of hybrid servicing, some which hold little water like the loss of human interaction or client insight, or broken process and incomplete journeys – or even the fear of a breach of regulatory compliance.?
The reality is that a hybrid client servicing model can meet the needs of today’s digitally demanding clients – and still provide a highly differentiated service.
Here are three reasons why we believe it could offer the optimal solution:?
We believe the key to a successful hybrid servicing model is knowing how to engage, onboard, and develop enriched relationships with clients that take their preferences into account without compromising service, introducing risk, or taking risks with compliance.
Wealth Dynamix appoints Robert Roome as Chief Strategy Officer
Earlier this month we welcomed? Robert Roome ?onboard as our Chief Strategy Officer. In this newly created role Robert will guide and support the company’s acceleration as a leading global provider of Client Lifecycle Management solutions in the WealthTech sector.
Robert Roome has 20 years of experience in the wealth management and private banking industry, and within technology, wealth management and management consulting firms.?
Industry Insights
安永 : How automation is transforming compliance in wealth and asset management?
Both asset and wealth managers have new opportunities to transform compliance with emerging technologies such as predictive analytics and intelligent automation. These tools offer a range of benefits, including significant improvements in time, efficiency, accuracy, and value across the investment value chain.?
However, it is essential to identify the right tools and use cases in a holistic, strategic way to make the most of automation and optimise outcomes. By doing so, asset/wealth managers can unlock new possibilities for compliance and investment management.?
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Ultimately, the right approach to automation can help them achieve their goals faster and more effectively, while also reducing the risk of errors and regulatory issues.
Oxford Economics : The true cost of compliance - 2023 report for LexisNexis
Is the UK financial services sector winning the battle against financial crime? Figures suggest we’re no more effective now than we’ve ever been, although there are no definitive measures.
A new report by Oxford Economics for LexisNexis reveals the rising compliance costs and the increasing use of people and technology to combat fraud and money laundering.?
Despite an 18.8% growth in revenues across the financial services sector since 2020, financial crime compliance costs in the UK continue to soar, with a staggering 13% increase in the past two years.?
Much of the onus for detecting, disrupting and deterring economic crime sits squarely with the industry; the financial services sector being at the heart of the ecosystem. So how are financial institutions responding to the challenge of preventing financial crime and, more importantly, is it sufficient??
麦肯锡 : Global banking review 2022: Banking on a sustainable path
麦肯锡 reports how banks will need to become more resilient and reinvent their business models to ride out the current volatile period and achieve long-term growth and profitability.
2022 has been challenging for global banks due to macroeconomic volatility and geopolitical disruption, which overturned many assumptions and ended over a decade of relative stability - and these trends look set to continue in 2023 and beyond.?
The pandemic, inflation, war, rising interest rates, supply chain disruption, and more have impacted banks' assumptions. Despite these changes, banks continue to trade at a steep discount to other sectors, indicating that more than half of the world's banks earn less than their cost of equity.?
The Global Banking Annual Review analyses the growing divergence between banks with different profiles in different countries and factors that make the best performers stand out.?
SteelEye : Annual compliance health check report 2022
The Compliance Health Check Report highlights the challenges faced by compliance professionals due to regulatory change, an evolving operational environment, and increasing data volumes.?
The report suggests that almost half of the firms expect to increase their investment in RegTech, while 41% expect to invest the same as last year. Furthermore, managing regulatory change is a top priority for 34% of people over the next 12 months.?
It also emphasises the critical role of technology in handling the growing compliance burden, with over half of the respondents investing in or implementing AI or ML for compliance.
Economist Impact & 赛仕软件 : Banking in 2035 - Global banking survey report
About 500 banking executives from corporate, commercial, retail, and digital banks around the world were surveyed by Economist Impact and 赛仕软件 to understand their perception of the disruptive forces reshaping financial services.
The findings include some interesting stats: 76% of banking executives believe their industry has an obligation to address societal needs and issues, and 79% think the industry should be more engaged in doing so. 82% of respondents believe that financial services organisations can simultaneously better society while pursuing profit.?
The report explores how banking leaders perceive the disruptive forces that will reshape financial services in the coming decade, including the greatest risks and opportunities, internal and external barriers, and the technologies that will help them harness opportunities ahead.
Thank you for reading. Please contact us at?[email protected]?for any questions or comments.
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