Contact Center Solutions Featured Article

CRM for Wealth Management More 'Sophisticated' in 2007, Study Finds

December 28, 2007

2007 was a "transitional" year in the application of information technology within the Wealth Management industry, as more firms adopted "sophisticated front end Client Relations Management systems in the quest for enhanced service quality and operating efficiencies," according to Mr. Kelly Tallas, CEO of WealthCraft Systems.

During the coming year, Tallas, who focuses on the Asia Pacific region, expects to see a strategic imperative for financial institutions to use IT to "transform processes with the twin objectives of greater efficiency in funds transactions through automation at the front end and particularly the back end, and stronger support for the client relationship managers."

Singapore, Hong Kong and Taiwan have led the way in developing the wealth management industry in the Asia Pacific region with assets under management increasing dramatically during 2007, according to various government figures cited by the WealthCrafters.

In accordance with pretty much everyone else making these kinds of predictions this time of year, WealthCraft thinks in the year ahead, China will become an increasing focus, with the mainland private banking market forecast to expand by a compounded annual growth rate of 12.5 percent over the next five years "as institutions tap China's rapid increase of wealthy individuals," numbering about 800,000 US dollar millionaires.

"We believe that front and particularly back office operations will face a bottleneck and a potential operational crisis as early as in the coming year if they don't automate the funds transaction process," said Tallas.

Within the wealth management sector, the volume of fund orders in Asia is clearly increasing at an unprecedented pace with Asian demand for mutual funds and unit trusts registering well into double-digit growth for 2007, according to SWIFT. However, manual intervention throughout the entire funds transactional cycle -- order, confirmation, pricing, reconciliation and exception processing -- is still common.

"Financial institutions will realize that CRM and client reporting systems can deliver competitive advantages, enabling them to differentiate themselves and build customer loyalty by fulfilling ambitious growth expectations for their clients in the wealth management sectors."

This summer WealthCraft bolstered its presence in China with the opening of the company's representative office in Beijing. The new office will try to sell the country's fast-growing middle class on WealthCraft's wealth management solutions and services.

"The expansion of our Chinese operations is a critical part of our global strategy," said Kelly Tallas, CEO of WealthCraft. The new Beijing office adds to the momentum that began with the company's Shenzhen operations, set up in October 2005 and mainly responsible for research and development.

WealthCraft "enables firms to realize the great potential in the areas of customer relations management (CRM), financial planning, portfolio management, and order management," James He, Senior Vice President of Sales & Marketing in the Beijing office, said.

Last November WealthCraft Systems, a publicly-held Nevada corporation, acquired the outstanding shares of Hong Kong-based WealthCraft Systems Ltd. in a share exchange, it was announced by Tallas.

Under the terms of the share exchange agreement, WealthCraft Systems Ltd. became the wholly-owned and principal operating subsidiary of WealthCraft Systems, Inc.

---------

David Sims is a contributing editor for TMCnet. To see more of his articles, please visit his columnist page.

Don’t forget to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users.

Today’s featured White Paper (News - Alert) is titled VoIP Doesn’t Require Any Phone Equipment Investment, brought to you by Accessline.

Article comments powered by Disqus

Related Contact Center Solutions Articles

Golden Gate BPO Solutions Partners with NETCAST BPO Services

When it comes to business process outsourcing (BPO) while many parts of the world are gaining traction as places to locate facilities, India and the Philippines because of their large English-speaking talent pools remain the dominant BPO places to operate. This is particularly true for companies whose majority of customers require support in English. [ Read More ]
05/21/2015

AMC Technology Contact Canvas Integrates Contact Center Apps to Microsoft Dynamics CRM

In recognition of the value-added of CRM integration with contact center capabilities, enterprise and contact center application integration software specialists AMC Technology has announced it has telephony enabled Microsoft CRM 2013 and 2015 through its Contact Canvas platform. The AMC platform allows customers to integrate business apps and communications across the enterprise, from contact center agents to knowledge workers and mobile staff. [ Read More ]
05/21/2015

Lazy Dog Restaurants Partners with RRT On Takeout Management Solution

When it comes to the business world, customer satisfaction is the real currency that keeps a company going. This is true whether talking about a retail or restaurant or a call center. Lazy Dog Restaurant and Bar just announced it is taking the next step in increasing its customer service approach thanks to an agreement with Restaurant Revolution Technologies. The agreement will allow Lazy Dog to implement an innovative takeout order management solution that is going to be supported by the compan… [ Read More ]
05/12/2015

Boston Retail Partners' Survey Reveals 87 Percent Plan on Using Gamification

The latest survey from Boston Retailers Partners reveals retailers are implementing customer relationship management (CRM) solutions as a key enabler to influencing customers. And gamification has become an important tool as part of the CRM deployment. [ Read More ]
05/12/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!