An accolade in one of the most exciting wealth management markets in the world: the Asian Private Banker has awarded CREALOGIX with a Technology Award 2017 as the Best Mobile/Tablet App Developer. We explain the significance of the award for investment advice at a time of digital evolution.
The “Asian Private Banker” is the mouthpiece of the wealth management scene in Asian financial strongholds such as Hong Kong and Singapore, which play an important role internationally. Singapore offers central access to the entire Asian market, where even the most remote locations can be reached within seven hours’ flight time. Over 200 banks have a presence in the city state and the number of financial institutions with their operational headquarters in Singapore is growing. The financial sector accounts for 13 percent of the gross domestic product and employs around 200,000 people.
Government change initiative
In order to defend this status at a time of such huge change, in autumn 2017 the Monetary Authority unveiled a master plan: aiming to create 4,000 new jobs in financial services and financial technology. In addition, the government is projecting 4.3 percent annual growth in the financial sector. In order to continue their success story, strategists have recognised the technological change. “With technology transforming the way financial services are produced, delivered, and consumed, it is critical that Singapore’s financial sector also transforms, to stay relevant and competitive”, stated the Monetary Authority.
While Singapore is also currently Asia’s top performing financial centre and the world’s third most competitive, setting the goal of becoming a leading Wealth Management Hub is a challenge. Woo Jun Jie, lecturer on the Public Policy & Global Affairs Programme at the Nanyang Technological University, sees Shenzhen, the Chinese city bordering Hong Kong, and the Arabic metropolis of Abu Dhabi as potential competitors. He expects digitalisation of investment advice. In future, the industry will require “more coders and data analysts, while relationship managers will need to take on a more strategic advisory, rather than client-facing, role”.
One stop shop for hybrid investment advice
As if looking through a magnifying glass, the essential features of the development of the industry can be observed in the leading Asian financial centres. The environment is perfect for our digital banking solutions, in private banking in particular for the CREALOGIX Financial Advisory Workbench. The software solution is designed for hybrid investment advice and supports advisors in providing customers with comprehensive information about their financial situation and the resulting opportunities. Conceived as a one stop shop, the Workbench offers bank employees new digital aids to make the conversation understandable and to better match customers with different areas of advice using a user-friendly and well-structured interface.
In Hong Kong and Singapore, the “who’s who” of international investment advice come together in a rather confined space. As leading, well-known European private banks are relying on the CREALOGIX Financial Advisory Workbench, the Asian Private Banker jury of the Technology Awards 2017 became aware of the mobile solution and thus awarded us with the prize of “Best Mobile/Tablet App Developer”. In addition to the usual features, such as a responsive design, the independent architecture was also a decisive factor. Thanks to the layer structure, individual elements can be switched and adapted as required – to match the corporate design of the institution, for example. In addition, regulation such as MiFID II and IDD are already stored in the workflow of the solution. These do not apply to the Asia-Pacific region, but they received a lot of attention, as strict conditions must also be met in Asia.
Pioneering: wealth management for millennials
Measured against the maturity of the Asian fintech market, the award and the underlying understanding of digital wealth management are of ground-breaking significance. Millennials, with their digital consumption habits, will soon become the wealthiest generation. However, despite their autonomous use of different applications and their online preferences, they are rather uninformed when it comes to financial issues and rely on qualified advice. This advice gap can be filled with advice solutions such as the CREALOGIX Financial Advisory Workbench. An advisor from Timothy James & Partners makes the point that “Advancing technology is giving millennials better access to information, more savings options and reduced costs.”