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/ / INTRODUCING WEALTH TECH

Applying Technology to Wealth Management’s Most Persistent Problems

 

/ / THE INDUSTRY TODAY

 

The Wealth Management industry is undergoing significant change, forcing firms to adjust business strategies, operating models, products and services and technology approaches to compete with FinTech-enabled businesses, shifting customer expectations, and new regulatory regimes. On the regulatory front, a decade long push for increased suitability requirements has created a need for greater fee transparency, perpetuated shifts in investment products and increased the focus on compliance from Investment Management Agreements (IMAs) to Annual Supervisory Reviews. Wealth managers have been struggling with key issues throughout the client lifecycle that have proven to be intractable, expensive, and persistent year after year. Digital technology is now allowing businesses to solve some of these tough problems with flexible solutions that bring customer impact, increase relationship managers’ productivity and improve compliance while reducing cost.

The challenges faced by the Wealth Management industry can be addressed by applying technologies like Natural Language Processing (NLP), Natural Language Generation (NLG), Robotic Process Automation (RPA), Data Science, Machine Learning / Cognitive Learning, Biometrics, Virtual Reality, and others. However, embracing these changes often requires Wealth Management firms to rethink their business strategies, operating models, products and services, and technology approaches to compete with FinTech-enabled businesses, shifting customer expectations, and new regulatory regimes. The following key areas are where Wealth Managers can and should be considering new Wealth Tech-enabled approaches.

Customer Experience Considerations  

Relationship Management Requirements   

Analytics for Asset Managers 

Compliance Considerations 


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Introducing the Synechron Wealth Tech Accelerators

Synechron's Wealth Tech Accelerators are Synechron’s sixth Accelerator program launched in the last three years. The others include Blockchain, AI Automation, InsurTech, RegTech, and AI Data Science Accelerators which have each grown into industry-recognized Centers of Excellence. As Digital innovation continues to change our clients’ business needs, we will continue to lead the industry forward and to work with our clients to Accelerate Digital

Synechron's Wealth Tech Accelerators provide solutions for each key stakeholder across the client lifecycle. Synechron applies its Digital, Business Consulting and Technology expertise to deliver the following Wealth Tech Accelerators:

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ABOUT WEALTH TECH

The Importance of Wealth Tech

Wealth managers have been struggling with key issues throughout the client lifecycle that have proven to be intractable, expensive, and persistent year after year. Digital technology is now allowing businesses to solve some of these tough problems with flexible solutions that bring customer impact, increase relationship managers’ productivity and improve compliance while reducing cost.

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