Digital Transformation in Wealth & Asset Management

Digital transformation in wealth & asset management encompass a broad spectrum of services that go far beyond traditional wealth management. From a forward-looking pension concept to the purchase of the right investment and the financing of one’s property, the focus is on each client’s requirement. ServiceNow can digitize the entire journey.

Wealth and Asset Management with ServiceNow

Digital Transformation in Wealth & Asset Management

Digital transformation in wealth & asset management encompass a broad spectrum of services that go far beyond traditional wealth management. From a forward-looking pension concept to the purchase of the right investment and the financing of one’s property, the focus is on each client’s requirement. ServiceNow can digitize the entire journey.

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The Challenge that Wealth Managers face today

The Challenge that Wealth Managers face today

To ensure that comprehensive wealth planning remains scalable for many clients and to overcome challenges, financial service providers are encouraged to optimize their processes through automation and digitization. Only through this way can established service providers continue to withstand pressure from fintech and technology giants in the future.

Unprecedented disruption requires a transformation of the middle/back office

Fintech pressure-

Deliver great experiences

Empower associates & tap into a workplace’s full potential

Enhance & differentiate customer experiences

Deliver high-touch, high-tech, multi-channel experiences

01

Accelerated Business Climate –

Build resilient operations

Future-proof operational processes

Achieve business continuity
through automated processes

Manage risks and regulatory obligations

02

Legacy environment-

Unlock productivity

Remove fragmentation &
pursue growth

Decrease costs, speedup time
to value & minimize risks

Transform & expedite
processes/ deployments

03
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Three major forces disrupting
Wealth Management

Three major forces disrupting
Wealth Management

1

Commodilization of Wealth Management

300%

Empower associates & tap into worplace’s full potential

60%

Enhance & differenciate customer experiences

>50%

Deliver high touch, high tech, multi channel experieneces

2

New Client & Employee Expectations

£9tn | $12tn

Estimated transfer of wealth – the largest in history – from Baby Boomers

75%

Of wealthy millennials make investment decisions based on impact

#2

Financial Advisors are #2 in the Top 10 most difficult jobs to fill

59%

Increase in advisors

3

Overhaul of Business to Alleviate Margin Pressures

75%

Of investment management films with stagnant or shrinking margins

60%

Of firms are planning or implementing automation or cognitive technologies

~50%

Are focused on streamlining processes or improving policy compliance

1

Commodilization of Wealth Management

300%

Empower associates & tap into worplace’s full potential

60%

Enhance & differenciate customer experiences

>50%

Deliver high touch, high tech, multi channel experieneces

2

New client and employee expectations

£9tn | $12tn

estimated transfer of wealth- the larges in history- from baby boomers

75%

a wealthy millennials make investment decisions based on impact

#2

on the top 10 hardest jobs to fill are financial advisors

59%

increase in the number of Advisor’s

3

Overhaul of business to alleviate margin pressures

75%

of investment management films with stagnant or shrinking margins

60%

of firms are planning or implementing automation or cognitive technologies

~50%

are focused on streamlining processes or improving policy compliance

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SERVICENOW DIGITAL TRANSFORMATION IN THE FINANCIAL SECTOR

SERVICENOW DIGITAL TRANSFORMATION IN THE FINANCIAL SECTOR

ServiceNow software for asset and wealth management is an engine for digital transformation in the financial industry. We digitize and automate precisely the processes that software can perform faster and more reliably than people, while at the same time, are less visible to financial services customers. The wealth or asset manager, thus, gains freedom for value-adding activities that require the human factor to secure the trust and acceptance of the client. The result is efficient and industry-proven wealth management solutions that deliver new portfolio insights for wealth managers, ideally support the advisory process, facilitate the intensive management of individual mandates, or provide professional and solid information on risks.

ServiceNow is an integrated wealth management platform designed to allow wealth managers to run their complete business life cycle from the front office to the back office, without having to use multiple systems. It enables wealth management firms to service all types of client segments, including highly affluent, high-net-worth individuals and single and multi-family offices. The wealth management software suite is flexible and customizable in helping clients address client management, financial advisory, portfolio management, compliance, and client reporting, accounting. Wealth management systems like ServiceNow support discretionary, non-discretionary, and advisory services.

Financial Service Operations is the core

Financial Service Operations is the core

Wealth Management
  • Guided client discovery
  • Client Pre-Onboarding & Qualify: KYC / AML / CIP / OFAC / Suitability
  • Client Onboarding / Account Opening
  • Broker Operations
  • Asset reporting
  • Client Servicing & Transacting
  • Complaint Management
  • Broker Services
  • Mutual Fund & Private client Services
  • Advisor Support (Inquiries & Service)
  • Account transfers/ Transfer of assets
  • Case Management
Asset Management
  • Investment Management
  • Defined Contribution plan recordkeeping
  • Investment products
  • Institutional Client Onboarding
  • Asset reporting
  • Client Servicing & Transacting
  • Institutional Customer Services
  • Complaint Management
  • Market & Securities Services
  • Trade order requests, execution, clearing, confirmations, settlement, fails, disputes, reconciliation
  • Plan sponsor and participant onboarding
  • RFP/RFI management
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Digital Transformation in Wealth & Asset Management Solutions benefits

Digital Transformation in Wealth & Asset Management Solutions benefits

Business

  • Leverage the HNWI network
  • Robust security framework
  • Higher operational efficiency
  • Cash Flows: support for non-uniform coupons and repayments
  • Amortization and accretion of premium and discount
  • Partial face value redemption
  • Structured Products: supporting unitised and value-based products
  • Ease of enhancing product portfolio

Clients

  • 360-degrees view of all investments
  • Notifications and alerts
  • Subscription / Redemption capture using client portal and mobility devices
  • Systematic investments of model portfolio
  • Single repository for information
  • Efficient and prompt responses
  • Integrated web portal with great UI experience

Advisors / Managers

  • Access to 360-degree view of client and prospect
  • Add new prospects and update profile of existing prospects
  • Fix up appointments with clients/prospects and capture corresponding meeting notes
  • View client portfolio and performance
  • Order placement for mutual funds
  • View order and transaction history for clients
  • Product category wise holding details
  • Get alerts on SIP, insurance premium, dividend, and investment maturities

Investment Teams

  • Enhanced features for alternate
    assets, private equity, and
    fixed income module
  • Advanced Portfolio and
    Risk Analytics
  • Alert’s engine
  • Real-time integration
    with broker/exchange
    for execution
  • Rule based investment
    and compliance monitoring

Know more about Digital Transformation in Wealth & Asset Management

Know more about Digital Transformation in Wealth & Asset Management

    Know more about Digital Transformation in Wealth & Asset Management

    Know more about Digital Transformation in Wealth & Asset Management

    There is a need to optimize data and analytics platforms that can increase efficiency, reduce costs, mitigate risk, and provide new business opportunities.

    Wealth and Asset Management with ServiceNow