Published Date: August 07, 2013
Bangalore – August 7, 2013: Infosys, a global leader in consulting, technology and outsourcing solutions, today announced the launch of the latest version of its Finacle wealth management solution. The new offering from Finacle allows banks to quickly introduce new products and services, such as financial planning and investment products, along with traditional retail banking services. This will help banks strengthen their offering portfolio for high-net-worth individuals (HNWIs) and mass affluent customers.
A recent Ovum study showed that HNWIs and mass affluent customers are among the fastest growing segments for banks. The study estimates that the HNWI banking and financial planning segment will grow by 7.5 percent between 2011 and 2016. The mass affluent financial planning segment is slated to grow by seven percent in the same period.*
The latest version of Finacle wealth management solution offers
Haragopal M, Global Head – Finacle, Infosys:
“Banks can no longer ignore the growth potential that highly profitable segments like HNWIs and mass affluent customers offer, nor can they meet the needs of this segment without delivering a unique, customized experience. The enhanced Finacle wealth management solution will enable banks to offer personalized advisory service, providing the differentiation necessary to compete in this lucrative market.”
Mr. Jaroslaw Knapik, Senior Financial Services Technology Analyst at Ovum:
“We predict that IT spending by the global wealth management industry will reach almost $35bn by 2016, powered by heavy investment in digital channels. The HNWI banking and financial planning segment will see the largest growth. The focus will be on providing the client advisor with the tools to improve client communication and loyalty. For the client, the emphasis is one of empowerment; banks will be investing in self-management tools such as personal finance management, portfolio management and goal planning to provide their HNWIs with greater control over their investments and financial planning.”
* References: Wealth Management Technology Spending Through 2016: Business Function Segmentation, (Ovum, July 2012)
Infosys is a global leader in consulting, technology and outsourcing solutions. As a proven partner focused on building tomorrow’s enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve. Ranked in the top tier of Forbes’ 100 most innovative companies, Infosys – with $7.4bn in annual revenues and 155,000+ employees – provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
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