Boston, October 10, 2012 – A new report from Aite Group reveals the capability priorities of technology executives at financial firms that offer wealth management services and have knowledge of wealth management operations. Based on a Q2 2012 online Aite Group survey of 50 technology executives at financial institutions worldwide, the report provides insight into general and wealth management-specific technology priorities and preferences, including areas of development and build versus buy.
Private banks are adopting technology differently than are wealth managers and international banks. Meanwhile, online brokerage firms have been slow to adopt outside technology, something that will have to change if they are to truly engage retail traders. Under today’s adverse market conditions, the list of technology requirements—such as tablet and big-data solutions—is growing much faster than are the budgets necessary to fund such items. Given this stark reality, many senior technology officers are facing the unenviable task of choosing which essential technology projects will receive attention and which will be neglected. For some, the way out of this fix is to rely on competent outside specialists.
“There is a silver lining for CIOs and business unit managers facing limited IT resources,” says Javier Paz, senior analyst with Aite Group and author of this report. “Implementing outsourced technology, from business processes to specific technologies, is gaining popularity in the wealth management arena and can help cash-strapped firms afford the technologies they require.”
This 35-page Impact Note contains 25 figures and two tables. Clients of Aite Group’s Wealth Management service can download the report.