Typical paper-based, static, customer account statements are becoming obsolete by the day. Losing significance and mind share with customers, they represent a monthly touchpoint that is, at best, a neutral experience. A new generation of robust, interactive digital statements that are accessible online easily and available through the financial institution’s secure portal with email reminders is starting to appear. They can help to drive customers more frequently to their investment portals to view top-level, aggregate portfolio information. Clients can also drill down into current and historic performance data and see all account activity. However, personalized advice and actionable, intelligent insights are still lacking from most of these systems.

Synechron’s Wealth Tech Accelerator for Smart Statements allows clients and advisors to access highly customizable and interactive statement views with an integrated portfolio management toolkit. Smart Statements allow for better transparency and insights as to portfolio holdings, incoming and outgoing cash flows (capital gains, interest, dividends earned, commissions, transactions, etc.), and performance attribution, as well as clarity of other costs and fees. Greater granularity allows Individual securities, asset classes, and sectors (home and foreign currencies for example) to be searched for easily using the Smart Search feature. Clients have the flexibility to select and configure their own performance benchmarks from a list of approved benchmarks. Daily, real-time, automated data inputs (such as market movements and individual security prices) allow for comparative investment analysis Architecture Diagram and informed decision-making. Smart Insights, built-in data trend highlights, make it easier to understand their statement. These Insights are powered by Artificial Intelligence (AI) and Machine Learning (ML) based on the client’s statement as well as external information sources. In addition, approved up-to-the-minute news feeds keep clients in-the-know about financial news, current markets and prevailing sentiment. Furthermore, online digital Smart Statements support more real-time customer communications by enabling focused customer-relationship manager interactions around any data point on the platform.