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Asian banks need to improve wealth management operations and technology

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Banks in Asia do not have the technology to meet high net worth customers' reporting and analytics demands, according to a new survey by SS&C Technologies examining wealth management services and tech in Asia.

Eighty-five per cent of those surveyed say their middle office technology is not up to par. Some 49 per cent of respondents believe the most significant client reporting challenge is access to accurate investment data. When asked about plans to improve overall customer experience, 62 per cent indicated providing online and mobile access is a priority.

"With increasingly sophisticated customers and regulators demanding timeliness, accuracy and accessibility to investment information, the pressure is on banks to evaluate their technology and operations. Banks need the right technology to underpin this new service model or work with a service provider who can manage the entire process," says Christy Bremner, Senior Vice President, Institutional Investment Management, SS&C Technologies. "The survey highlights a number of gaps for wealth managers in Asia. The issues can be alleviated though the use of scalable technology, deployed onsite or through a service partner, to improve operational efficiency and enable a great customer experience."

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