You are here

Evaluating Global Private Banking Platforms: Change May Create Opportunity

Evaluating Global Private Banking Platforms: Change May Create Opportunity

As private banking heats up for established players and new entrants, technology will be key to overcoming persistent challenges.
By Chris Thrappas

Boston, September 25, 2012 – A new report from Aite Group profiles platform vendors that are competing in the global private banking industry at a time when seismic shifts are underway.

 

Today’s private banking industry faces numerous challenges, but the low capital requirements associated with wealth management and the growing wealth of the developing world are driving a number of firms to consider entering this industry. Because of challenges such as eroding margins and increasing regulatory and tax reporting burdens, however, financial institutions are in the process of reassessing their technology spending. With pressure on offshore private banking resulting in declining fees, firms will need to create a leaner operating structure to make up for lost revenue.

“In the current environment, drivers of technology spending decisions are focused on the simplification of legacy systems for larger, established firms, and out-of-the-box capability for smaller, newer entrants,” says Chris Thrappas, senior analyst with Aite Group and co-author of this report. “Both types of firms will focus on reducing the total cost of ownership and adapting to regulatory requirements.”

This report profiles private banking platforms offered by Advent, Avaloq, Charles River Development, ERI Bancaire, Polaris, Sage, SunGard, Temenos, and Thomson Reuters.

This 44-page Impact Report contains 15 figures and five tables. Clients of Aite Group’s Wealth Management service can download the report.