The document discusses the evolution of client reporting from a back office regulatory requirement to the most powerful communication medium between investors and advisors. It describes three generations of client reporting platforms: 1) Early platforms from 2000-2010 focused on summary reports but lacked data quality. 2) Second generation platforms from 2010-2014 improved scalability but also lacked data quality. 3) New third generation platforms emerging now are designed by domain experts and use refined calculation logic and personalization to provide accurate, comprehensive, and timely reporting. These platforms will fulfill the promise of consolidated reporting and preserve wealth through informed communication.
Single View of Customer for Insurance Company | CandelaLabsGAVarun
The Single View Of Customer (SVOC) is a consolidated view, of all internal and external information available to an insurer, mapped on to a single interface.
https://www.candelalabs.io/single-view-of-customer/
There's a new style to the classic government fundamental of being citizen centric. My point of view shared at the 23rd GCC Smart Government and Smart Services Conference in Duba (May 2016).
In 1999, ’The Cluetrain Manifesto’ warned that ‘markets are conversations’. Finally, some 15 years later, software, hardware, mobile and social media vendors have come together to provide tools that allow companies to join and manipulate the conversation. This paper provides a quick overview of the available hardware and software solutions; a discussion of the in-memory landscape, including the strengths and weaknesses of the competing products; and a summary of the latest developments in the social media monitoring space. Given the importance of personalisation and one-to-one advertising for increasing traffic, raising customer conversion rates and increasing average order value, these systems can either be a company’s best friend or its worst enemy.
Cuentas provides innovative mobile banking, mobility, and telecommunications solutions to underserved, unbanked, and emerging markets. The Company’s portfolio of fintech solutions meet the highest-volume services demand of the estimated 70 million underbanked and unbanked consumers in the US. ‘Underbanked’ refers to those who have limited or restricted access to banking services, due to poor credit or their international/resident status, and represent more than $1 trillion in total purchasing power.
Single View of Customer for Insurance Company | CandelaLabsGAVarun
The Single View Of Customer (SVOC) is a consolidated view, of all internal and external information available to an insurer, mapped on to a single interface.
https://www.candelalabs.io/single-view-of-customer/
There's a new style to the classic government fundamental of being citizen centric. My point of view shared at the 23rd GCC Smart Government and Smart Services Conference in Duba (May 2016).
In 1999, ’The Cluetrain Manifesto’ warned that ‘markets are conversations’. Finally, some 15 years later, software, hardware, mobile and social media vendors have come together to provide tools that allow companies to join and manipulate the conversation. This paper provides a quick overview of the available hardware and software solutions; a discussion of the in-memory landscape, including the strengths and weaknesses of the competing products; and a summary of the latest developments in the social media monitoring space. Given the importance of personalisation and one-to-one advertising for increasing traffic, raising customer conversion rates and increasing average order value, these systems can either be a company’s best friend or its worst enemy.
Cuentas provides innovative mobile banking, mobility, and telecommunications solutions to underserved, unbanked, and emerging markets. The Company’s portfolio of fintech solutions meet the highest-volume services demand of the estimated 70 million underbanked and unbanked consumers in the US. ‘Underbanked’ refers to those who have limited or restricted access to banking services, due to poor credit or their international/resident status, and represent more than $1 trillion in total purchasing power.
The role of similarity in the re-unification, re-assembly and re-association ...Gravitate Project
Special Session Proposal
Thematic area: The workshop fits primarily in the Analysis and Interpretation area and also in the Digital Heritage Projects and Applications.
GRAVITATE:Geometric and Semantic Matching for Cultural Heritage ArtefactsGravitate Project
The GRAVITATE project is developing techniques that bring together geometric and semantic data analysis to provide a new and more effective method of re-associating, reassembling or reunifying cultural objects that have been broken or dispersed overtime. The project is driven by the needs of archaeological institutes, and the techniques are exemplified by their application to a collection of several hundred 3D-scanned fragments of large-scale terracotta statues from Salamis, Cyprus. The integration of geometrical feature extraction and matching with semantic annotation and matching into a single decision support platform will lead to more accurate reconstructions of artefacts and greater insights into history. In this paper we describe the project and its objectives, then we describe the progress made to date towards achieving those objectives: describing the datasets, requirements and analysing the state of the art. We follow this with an overview of the architecture of the integrated decision support platform and the first realisation of the user dashboard. The paper concludes with a description of the continuing work being undertaken to deliver a workable system to cultural heritage curators and researchers.
@inproceedings {gch.20161407,
booktitle = {Eurographics Workshop on Graphics and Cultural Heritage},
editor = {Chiara Eva Catalano and Livio De Luca},
title = {{GRAVITATE: Geometric and Semantic Matching for Cultural Heritage Artefacts}},
author = {Phillips, Stephen C. and Walland, Paul W. and Modafferi, Stefano and Dorst, Leo and Spagnuolo, Michela and Catalano, Chiara Eva and Oldman, Dominic and Tal, Ayellet and Shimshoni, Ilan and Hermon, Sorin},
year = {2016},
publisher = {The Eurographics Association},
ISSN = {2312-6124},
ISBN = {978-3-03868-011-6},
DOI = {10.2312/gch.20161407}
http://diglib.eg.org/handle/10.2312/gch20161407
The definitive version is available at http://diglib.eg.org/
Making Analytics Actionable for Financial Institutions (Part I of III)Cognizant
To maximize ROI from their analytics platforms, financial institutions must build solutions that explicitly, visibly and sustainably enable real-time translation of data into meaningful and continuous improvements in their products, services, operating models and supporting infrastructures.
Looking into the Future of Wealth Management - A Sawtooth Solutions White PaperRich Conley
Examining the future possibilities of a wealth advisory practice when advisors become more productive with a CRM focused business & operational functions are outsourced to the cloud
Open Finance is a new phenomenon around data and service sharing amongst financial institutions and other entities to enable of distribution of banking services. In this article below, penned by Ajith Thadhani (AVP-Global Sales & Business Development, Estel Technologies), we look at how Open Finance is the next step on the Open Banking agenda. Link to the article: https://bit.ly/3rJSzA1
Emerging Differentiators of a Successful Wealtlh Management PlatformCognizant
Changes in the wealth management industry are driving the need for a flexible, scalable platform that enables wealth managers to differentiate their services and profitably serve the mass affluent and mass markets.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
The role of similarity in the re-unification, re-assembly and re-association ...Gravitate Project
Special Session Proposal
Thematic area: The workshop fits primarily in the Analysis and Interpretation area and also in the Digital Heritage Projects and Applications.
GRAVITATE:Geometric and Semantic Matching for Cultural Heritage ArtefactsGravitate Project
The GRAVITATE project is developing techniques that bring together geometric and semantic data analysis to provide a new and more effective method of re-associating, reassembling or reunifying cultural objects that have been broken or dispersed overtime. The project is driven by the needs of archaeological institutes, and the techniques are exemplified by their application to a collection of several hundred 3D-scanned fragments of large-scale terracotta statues from Salamis, Cyprus. The integration of geometrical feature extraction and matching with semantic annotation and matching into a single decision support platform will lead to more accurate reconstructions of artefacts and greater insights into history. In this paper we describe the project and its objectives, then we describe the progress made to date towards achieving those objectives: describing the datasets, requirements and analysing the state of the art. We follow this with an overview of the architecture of the integrated decision support platform and the first realisation of the user dashboard. The paper concludes with a description of the continuing work being undertaken to deliver a workable system to cultural heritage curators and researchers.
@inproceedings {gch.20161407,
booktitle = {Eurographics Workshop on Graphics and Cultural Heritage},
editor = {Chiara Eva Catalano and Livio De Luca},
title = {{GRAVITATE: Geometric and Semantic Matching for Cultural Heritage Artefacts}},
author = {Phillips, Stephen C. and Walland, Paul W. and Modafferi, Stefano and Dorst, Leo and Spagnuolo, Michela and Catalano, Chiara Eva and Oldman, Dominic and Tal, Ayellet and Shimshoni, Ilan and Hermon, Sorin},
year = {2016},
publisher = {The Eurographics Association},
ISSN = {2312-6124},
ISBN = {978-3-03868-011-6},
DOI = {10.2312/gch.20161407}
http://diglib.eg.org/handle/10.2312/gch20161407
The definitive version is available at http://diglib.eg.org/
Making Analytics Actionable for Financial Institutions (Part I of III)Cognizant
To maximize ROI from their analytics platforms, financial institutions must build solutions that explicitly, visibly and sustainably enable real-time translation of data into meaningful and continuous improvements in their products, services, operating models and supporting infrastructures.
Looking into the Future of Wealth Management - A Sawtooth Solutions White PaperRich Conley
Examining the future possibilities of a wealth advisory practice when advisors become more productive with a CRM focused business & operational functions are outsourced to the cloud
Open Finance is a new phenomenon around data and service sharing amongst financial institutions and other entities to enable of distribution of banking services. In this article below, penned by Ajith Thadhani (AVP-Global Sales & Business Development, Estel Technologies), we look at how Open Finance is the next step on the Open Banking agenda. Link to the article: https://bit.ly/3rJSzA1
Emerging Differentiators of a Successful Wealtlh Management PlatformCognizant
Changes in the wealth management industry are driving the need for a flexible, scalable platform that enables wealth managers to differentiate their services and profitably serve the mass affluent and mass markets.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
Today's wealth management tools. Can they cope with the modern needs of finan...Sinan A. Biren
Disruption has been much in the headlines recently, particularly with the advent of the Robo Advisors and other FinTech startups who have adapted the latest technologies to the asset/wealth management space. And technology undoubtly enables these young and dynamic companies to create solutions for catering their own clients and prospects. But in reality, can they really meet the modern needs of the asset/wealth management industry?
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
In 1999, ’The Cluetrain Manifesto’ warned that ‘markets are conversations’. Finally, some 15 years later, software, hardware, mobile and social media vendors have come together to provide tools that allow companies to join and manipulate the conversation. This paper provides a quick overview of the available hardware and software solutions; a discussion of the in-memory landscape, including the strengths and weaknesses of the competing products; and a summary of the latest developments in the social media monitoring space. Given the importance of personalisation and one-to-one advertising for increasing traffic, raising customer conversion rates and increasing average order value, these systems can either be a company’s best friend or its worst enemy.
Five use Cases for Wealth Management as a Service.pdfMaveric Systems
A wealth management firm comes together when people, processes, and technology work in a mutually enhancing manner that offers the best client experience and makes for a strong case of efficiencies by automating routine tasks, thereby freeing up the advisors to respond with higher agility to the client needs.
The future of wealth management relies on the successful use of technology.
Traditionally, wealth managers have built their businesses on personal relationships, often going back decades and relying on regular face-to-face contact. It is a formula that served the
industry well in the past, but has left it wanting in an era of tougher regulation, and the explosion of digital technology
in the workplace and at home.
Under pressure from regulators and technological developments elsewhere in financial services, the industry is evolving, though some firms and advisors have been quicker to adapt to
change than others.
Finding the right balance is not easy and there is no single answer that would work for all firms and with old styles of service competing against new, the industry is struggling to find its footing. This gives rise to a new breed of advisor, one that is able to adapt to the changing face of the market and utilise
all of the technological tools at hand to better serve their clients – the bionic advisor.
1. 20
SPONSORED FEATURE
PAM
Craig Pearson
CFA is the CEO and
Co-Founder of Private
Wealth Systems, the
largest and fastest
growing next generation
client reporting platform.
You can contact
him at: cpearson@
privatewealthsystems.
com
F
or decades client
reporting was
defined by its role
as a back office
burden with a
singular purpose of
meeting regulatory
requirements.
However, client reporting has
evolved to become the most powerful
communication medium that binds
the investor/advisor relationship.
This shift in purpose is driven by
the most foundational element of
the human condition, the quest for
knowledge. It is our collective need
for knowledge that is forcing the
redefinition of the industry’s intended
purpose – to provide meaningful,
relevant, actionable intelligence with
transactional level transparency. Leading
this transformation is a new breed
of reporting platforms that remain
committed to the cause of transparency,
clarity, and personalization at a level
that was unimaginable even a year
ago. This next generation of client
reporting will, by its very mandate,
democratize information and establish
a new equilibrium of power that will be
shared by – and benefit – both investors
and advisors alike in the growth and
preservation of $52trn in global private
wealth.
The client reporting industry’s
inflection point was driven by the
2008 financial crisis when the lack of
instantaneous access and understanding,
for both investors and their advisors,
created a crisis in confidence across the
financial ecosystem. Basic questions
including; what is an investor worth
across all of their managers and asset
classes, what risk did a specific investor
or group of investors have to a single
security, custodian, country, strategy,
style or asset class, or simply which
managers performed well and which did
not, remained unanswered. Worse yet,
the more complex the wealth the more
opaque the answers remained.
LOOKING FOR ‘THE ONE’
The promise of consolidated reporting is
to have a single instantaneous view of all
key performance indicators that identify
what is driving risk, return, income
and expense across complex portfolios;
capturing, consolidating, cleansing,
calculating, and presenting data that
takes into consideration all transactions
in all accounts across all custodians,
managers and sub-managers – regardless
of asset class, country or currency.
However, the search for the one
platform that fulfills this promise is
continuous and evolutionary. In January
2015 the reporting industry begun
its third evolution, which is already
showing great promise in fulfilling its
mandate as domain expertise, capital,
and driving market needs come together
to support the prolific complexity
that advancements in global financial
markets continue to produce.
The first generation of consolidated
RE-DEFINING CLIENT
REPORTING
2. CLIENT REPORTING HAS EVOLVEDTO BECOME
THE MOST POWERFUL COMMUNICATION
MEDIUMTHAT BINDSTHE INVESTOR/ADVISOR
RELATIONSHIP
CRAIG PEARSON, CFA, PRIVATE WEALTH SYSTEMS
21
SPONSORED FEATURE
reporting platforms, built between 2000
and 2010, were born out of an immediate
need to provide a complete wealth report
for a single client or small group of client
accounts. These platforms were focused
on creating summary reports for client
meetings and not the technology or the
business processes to produce those
reports
Based on limitations in technology
at that time, these first generation
platforms forced users to perform
shadow accounting, duplicating the
data and efforts of their client custodial
systems of record. Unfortunately, any
redundant process by its very nature
drives costs up, drives data quality
down, and extends delivery times to
unacceptable levels. The purpose of
consolidated reporting is to provide
actionable intelligence, but receiving a
report weeks or months late with errors
renders those very reports meaningless
or even harmful. This is why the first
wave of consolidation among first
generation platforms has begun.
Second generation platforms, built
between 2010 and 2014, approached the
problem with a greater focus on user
design and scalable technologies, and
less so on data quality. Although these
platforms can scale, the foundational
elements of second generation platforms
were not built by individuals with
domain expertise, and as such these
systems often produce data that is
not accurate. Participants across the
private wealth industry continue to
state that design is a “nice to have,”
but if the data isn’t accurate it renders
the platform unusable. Many believe
second generation platforms will either
seek consolidation or redeploy their
technology in adjacent areas of the
financial services industry.
This new, third evolution of client
reporting platforms, which are just now
coming to market, is a more evolved
and learned approach to bringing true
transparency and actionable intelligence
to those who need it most. With the
maturation of account aggregators
capturing data is no longer manual or
difficult. It is the processing, cleansing,
calculating, and presenting of that data
that determines success or failure. Of
noted importance, these new reporting
platforms are designed by those who
possess dominant domain expertise
in data structure, data processing and
core calculation logic. These platforms
differentiate themselves by using
refined calculation logic that produces
superior data quality on a consistent
basis, a unique data model that supports
a level of personalization that before
now was unimaginable, and an elegant
distinctive design that is reflective
of its sophisticated user base. These
platforms not only support complex
ownership structures and investment
instruments, but they re-imagine the
definition of transparency by enabling
each individual, whether investor or
advisor, to create custom attributes
across securities, accounts and entities
so wealth can be managed based on how
each individual views their financial
universe. This capability impacts
asset allocation models, risk analysis,
planning and general advice, allowing
advisors to not only communicate
but also illustrate their strategy and
differentiation based on the personalized
advice they provide to each individual
client. Of equal importance, this third
evolution is leveraging advancements
in technology to scale their systems to
support all levels of wealth, including
complex family offices and millions of
less complex mass affluent clients – a
single solution to meet the varying needs
of today’s wealth managers.
PRESERVING WEALTH
By re-defining the very purpose of client
reporting, this new next generation
of client reporting platforms will
fulfill their promise and hold true to
their bedrock belief that all investors,
regardless of complexity, will have
instantaneous access to accurate,
comprehensive, timely, and personalized
information. Client reporting remains
focused on becoming the enabling
technology that facilitates elevated and
informed communications between
investors and their trusted advisors to
help preserve the very wealth they have
spent a lifetime to build.