Synechron launches tech offerings for wealth management industry

Synechron has launched a new programme aimed at helping players in the asset and wealth management sector develop and prototype digital technologies. The ‘WealthTech Accelerator’ programme provides guidance and support in the areas of analytics, data science and technology. 

The firm’s sixth Accelerator programme comes at a time when wealth managers are seeing digitisation impact all aspects of their operations. Clients are expecting wealth management providers to offer digital ways to oversee wealth and communicatie with relationship managers, meanwhile, the rise of digital players with more efficient operations means that cost pressures are mounting. “Remaining relevant in a crowded, disruptive, and competitive marketplace is a challenge prevalent across the industry,” explained Faisal Husain, chief executive of Synechron. 

“Our latest suite of Accelerators aims to inspire wealth managers and to help them advance into the digital age.” The firm, with over 8,000 employees across 18 offices one of the larger consulting firms dedicated to the financial services industry, had previously already launched similar programmes for FinTech, RegTech and InsurTech.

Wealth managers that participate in the programme can expect support across the full wealth management client lifecycle – from prospecting and acquisition, through to onboarding, relationship management, client engagement and customer support.

One major area for opportunity is building a truly digital customer journey for clients. According to a study by Strategy&, while high-net-worth-individuals (HNWI) are rapidly adopting digital channels as a means to oversee and manage their wealth, they at the same time feel that wealth managers are not adequately providing them with the digital tools. Among Synechron’s nine WealthTech accelerators are a few that tackle pain points including delivering enhanced relationship management support, providing a more personal experience (products/service) and digital communication. 

Another field regarded as a major opportunity for wealth managers is the use of robo-advisors for the management of wealth. A recent analysis by A.T. Kearney found that a rapidly growing amount of assets under management is being placed in ever more competent metal hands. By 2020, in the US alone, robo-advisors will manage about $2.2 trillion in assets. Wealth managers across the globe are however embracing the technology however, meaning that it is becoming critical for industry players to leverage such technology to enhance their offerings and deliver greater client value. 

Other technologies which are incorporated into the suite of offerings include Natural Language Processing (NLP), Robotic Process Automation (RPA) and Virtual Reality (VR) – “these can help asset managers improve efficiency, relationship management and trust.” 

Synechron offers its WealthTech Accelerator programme from its so-called FinLab centres in Europe (London, Paris, Amsterdam, Belgrade), the US (New York, Charlotte, Fort Lauderdale) and Asia (Dubai, Pune, Bangalore, Hyderabad and Singapore). 

Related: Switzerland still the world's largest hub for wealth management.