Global software major Infosys Ltd Wednesday unveiled a new solution for wealth management, which will enable banks to enhance their retail service to high net worth individuals and affluent customers.
"Our latest version of Finacle (a software product) allows banks to quickly introduce financial planning and investment products to high net worth individuals and affluent customers," the IT bellwether said in a statement here.
According to a recent study by the global research firm Ovum, high net worth individuals and mass affluent customers are among the fastest growing segments for banks and business from these segments is projected to grow 7.5 percent by 2016.
"As a single platform, the solution enables banks to customize and release products to meet the changing needs of their retail and investment customers," Infosys Finacle global head M. Haragopal said in the statement.
The solution also has tools for risk profiling, goal planning and portfolio analysis. It empowers bank advisors to provide personalized service to their high-profile customers.
"Banks can no longer ignore the growth potential profitable segments like high net worth individuals and affluent customers offer nor can they meet the needs of this segment without delivering a unique, customized experience," Gopal said.
The enhanced wealth management solution will also enable banks to offer a personalized advisory service, providing the differentiation necessary to compete in the lucrative market.
Fixed income, derivatives, IPOs (initial public offerings) and alternate investment modules have been integrated into the solution to enable banks offer a selection of multi-currency and multi-asset class products to their high valued customers.
"We predict that IT spending by the global wealth management industry will reach around $35 billion by 2016, powered by heavy investment in digital channels," Ovum's financial services technology analyst Jaroslaw Knapic said in the statement.
