CREALOGIX wins 2018 Systems in the City award for wealth management software

Last week CREALOGIX attended the Systems in the City Awards in London and we were delighted to receive an award for “Best Web Front End Solution”. The judges had reviewed – and approved – CREALOGIX Invest, our product that’s live and in continuous development with a number of leading wealth management firms.

UK CEO Mike Bradford accepts the 2018 Systems in the City Award for CREALOGIX

 

The criteria for shortlisting, which CREALOGIX Invest did well on, included:

  • UI design and customisation
  • ease of use
  • mobile accessibility
  • mobile security
  • use of APIs to integrate with both internal record systems and external services
  • compliance

Accepting the award, UK CEO Mike Bradford said “This award win is really about our partnership with our wealth management customers. By working closely together, listening carefully, and creating a prioritised and customer-centric roadmap, CREALOGIX gives wealth management firms what they need to be more competitive in digital services.”

 


Liberate the data

One thing we always talk about with wealth management is the challenge of legacy systems. Faced with the obvious benefits of a modern design on mobile and web interfaces, how does this square with underlying core record systems which can depend on decades-old technology?

Our Invest product answers this by focusing on rapid, tangible improvements to the presentation and interaction layer used by investors and analysts supporting them, allowing firms to evolve core systems safely at a different pace. Our goal is for wealth management to be transformed, but “rip and replace” is not the only way. Established firms want to keep their operations stable, and customers happy, at the same time as rolling out new apps and digital services, and that’s the service we provide.

Financial services firms typically hold a lot of data on their clients, but aren’t able to take advantage of this to create a more personal and relevant customer experience. By creating new dashboards, reports, logic, and advisory functions which are able to draw from existing databases, we help firms liberate the data so they can work smarter. Find out more about CREALOGIX Invest, including a quick video, here.

The Systems in the City Awards are a well-attended annual event in London, attracting a who's who of senior leadership from banks and investment firms.


Hot topics

As you can imagine, lunch conversations included quite a lot of football and tennis chat. But when you get industry insiders together, sooner or later things get more in-depth! Everyone likes to compare notes on big trends affecting their strategy, especially relating to technology.

Discussions we had at our lunch table revolved around common themes of digital disruption threats from fintech newcomers, and how wealth firms with decades of experience can become more agile with digital services. Wealth managers are keen to engage with technology but often feel overwhelmed distinguishing between hype and implementation reality.

In addition, we heard a lot about technology topics, namely:

  • robo-advisory: there’s a lot of confusion and also excitement about the many different – and overlapping – areas that automated and semi-automated advice and logic can be used to help investment customers more efficiently
  • blockchain: we’re in a zone of cynicism following the end of the hype curve, but there’s a background awareness that this is a real technology area that leading digital firms are going to get their heads round
  • PSD2 and open banking: consumers are going to be exposed to a lot of convergence apps, joining up multiple bank accounts, or taking advantage of finance apps from within your bank account: this is a possible opportunity for wealth management products which already have fully digital onboarding


We want to hear your viewpoints on these topics!

Please join in the discussion with us on Twitter @CREALOGIX_en and keep an eye on our events announcements to come and chat face to face.


Collaboration

Finally, collaboration is a hot topic in wealth management. In conversations at the Systems in the City awards and other recent events, including London FinTech Week, we spoke with a number of companies which traditionally have not seen themselves as digital-first, who are becoming much more open to discussions on digital solutions and taking advantage of third party expertise to help deliver more innovation for their customers.

Whenever we join industry networking events one thing that always comes across is how open everyone is in sharing their challenges, and technology is always in this conversation because it’s changing so fast.

It strikes me that leadership in the wealth management industry are well aware of how a “Kodak moment” could come about if they ignored digital disruption and trying to remain impervious to shifts in customer habits. It’s clear to most that a “wait and see” strategy around digital services probably amounts to “wait to be disrupted”, and nobody wants that.

The alternative is what we are seeing both in open banking, and now in WealthTech, namely a willingness to collaborate with a wide variety of technology specialists.

The components of a successful digital transformation include security, usability, front and back end expertise, change management, healthy dev / QA / ops integration, cloud architecture and operations, support services and more. No firm can expect to stay at the cutting edge of all these fields by themselves, let alone if you add in emerging competitive areas like advanced cyber-defence, RegTech, AI / ML, and blockchain technology.

The way forward is for financial institutions to find technology providers who are able to work as collaborative partners, and that’s exactly the way we work at CREALOGIX.

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