With increasing pressure to innovate, accelerate speed-to-market and capitalise on new opportunities, we’ve helped one of Australia’s leading wealth management organisations develop an integrated platform for their full range of services.
The BMS has helped expand our client’s digital footprint through this industry-first initiative, paving the way for growth.
By 2020, generation X and millennials will control over half of all investable assets*. This dramatic demographic shift has triggered an urgency to revolutionise digital customer interactions, catering to the generation of investors inheriting the majority of wealth.
The demographic shift has sparked a demand for intuitive interactions that are personalised, available on-the-go and in real-time. Being digital natives, millennials expect digital experiences that are seamless, quick and self-driven. With a plethora of information and services available at the click of a button, clients are now more demanding than ever, increasing pressure on advisers to deliver.
Though it brings new opportunities, the changing business landscape poses a significant threat to the Australian wealth market. Many providers in this space have been heavily reliant on legacy systems, hindering their ability to leverage the technology available for growth.
Our client, one of Australia’s leading wealth management organisations, engaged us in developing an integrated platform for their full range of services to increase speed-to-market. With increasing pressure to innovate and capitalise on the demographic transition, aging infrastructure needed to be replaced to support business growth.
The BMS has modernised wealth management by consolidating 7 legacy systems to form a new state-of-the-art platform. The result is a common operating system that supports value-channels right across the enterprise including investment, superannuation, financial advice, insurance and private banking. The user experience is personalised and contextual through channel-related roles such as investors, households, advisers, accountants, bankers, investment managers, employers and dealer groups.
As an industry-first initiative, our customer is leading Australia’s wealth market. The BMS is helping to deliver digital transformation as a key strategic priority, paving the way for growth by expanding their digital presence.
*PwC 2016 Wealth Management Trends