The need to balance regulatory pressures along with ongoing conditions is a big challenge for wealth management firms. An industry research provided by ComPeer highlighted the importance of compliance as one of the only three departments in the industrial sector that has increased staff numbers in the year 2012.
However, with rising demands and high resources, firms are under constant pressure to find more effective ways to serve better services.
The wealth management sector is undergoing significant changes with a number of limitations and issues. Dion Global Solutions a technology partner in collaboration with the financial services industry is contributing its help to this sector in tackling various issues. Dion Global Solutions has released global whitepaper under the label ‘Managing wealth with maximum efficiency.’ This paper explains and explores the intensity of this technology and proves it as a key element to enabling firms to stay ahead in the global competition. Nevertheless, the rising costs, narrow margins, and stringent regulations are harder to manage with rising demands from clients.
It is true that automation has contributed a larger chunk of its benefits and efficiency to the industry sector, however, it still holds high potential for services and deep insights into the industry portfolio as well. Mobile is one of the renowned areas of industry that is changing with growing number of wealth managers and clients. It has an extended portfolio to different channels including smart phones and tablets, browser-based applications, and desktops that offer an ‘always on’ access option.
The changing shifts in the regulatory spaces have incited changes in several firms and their decisions to re-evaluate the services they offer and the manner they offer them in. Wealth managers believe that automating helps in better decision making and industry-insights across the entire portfolio. Keeping this aspect at bay, it is easier to lead to more responsive and flexible client management and competitive offering in the industry, said Senior Business Consultant at Dion, Steve Martin.