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.
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.
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
Accelerated Business Climate –
Build resilient operations
Future-proof operational processes
Achieve business continuity
through automated processes
Manage risks and regulatory obligations
Legacy environment-
Unlock productivity
Remove fragmentation &
pursue growth
Decrease costs, speedup time
to value & minimize risks
Transform & expedite
processes/ deployments
Three major forces disrupting
Wealth Management
Three major forces disrupting
Wealth Management
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
- 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
- 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
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
