Across Asia, the private wealth management industry is faced with the simultaneous challenges of fast growth, fierce competition, increasing regulation and tighter profit margins. In order to meet these challenges, private wealth managers require levels of operational automation similar to those typically seen within an investment bank. However, research indicates that over 50% of private wealth managers still process various trade types manually – either in their entirety, or with only partial automation of middle and back-office processes. This inevitably results in avoidable trade reporting and event management errors throughout the transaction lifecycle, customer retention issues, relationship manager dissatisfaction and employee turnover, and reduced profitability for the business.
In order to support private wealth managers in the quest to achieve operational excellence, SmartStream provides an integrated suite of process automation solutions, the Operational Control Centre. The Operational Control Centre offers true automation across the middle and back-office: best-in-class, real-time trade process management and reconciliation; flexible business workflow and exceptions-based processing; fully automated corporate actions processing; static and reference data management services; and a holistic 360 degree view for management reporting purposes.
Achieving operational excellence enables private wealth Managers to increase the volume and operational scale while seizing the opportunity to increase profit margins per customer and transaction.
SmartStream provides Transaction Lifecycle Management (TLM) solutions and managed services to over 1,500 financial institutions. Operating in over 20 cities around the world, our knowledge and experience of delivering successful implementations enables us to understand the unique needs of every organisation we work with.
To find out more about how the Operational Control Centre could benefit your business, contact SmartStream now:
E marketing@smartstream-stp.com
T +65 6224 7689
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