Asia’s wealth managers face an unprecedented degree of risk if they operate on a core system that falls short in terms of robustness, scalability, and adaptability. A rapidly changing regulatory landscape requires firms to remain agile and stringent in their risk control, which means they must be capable of interacting with regulatory exigencies in an efficient manner. Furthermore, end-client demands around engagement and interaction are evolving at a pace that is surpassing the capabilities of many wealth managers, whose businesses stand to suffer if they cannot keep up with — and exceed — expectations.

For many, the prospect of building a core platform from scratch or migrating the business onto a new third-party platform is complex, time-consuming, and inordinately expensive. Moreover, a considerable portion of Asia’s wealth management community either does not need to operate off a fully-fledged core platform or does not have the IT staff to develop and maintain digital systems.

Privé Technologies’ modular core banking offering not only addresses the most pressing issues facing Asia’s wealth managers today but radically challenges the traditional understanding of what a core banking system should be for players both big and small. A holistic front-to-back digital solution spanning engagement, advisory, portfolio management, and operations, Privé’s ‘bank in a box’ stands out for its ability to integrate with and augment a wide range of legacy systems while allowing for selectivity and customisation. Indeed, this integrability is underpinned by Privé’s connectivity with over 30 information providers and the firm’s ability to convert data into a more processable format.

The ‘building blocks’ nature of the solution promotes a pragmatic, business-case approach for banks looking to develop their wealth management activities while avoiding issues around systems and process integration. And such is the breadth and depth of the offering that Privé’s solution can also function as a core system in and of itself by storing information across client names, positions, and transaction data. For this reason, it is a compelling solution for smaller wealth managers and even virtual banks.

The solution includes Privé’s revolutionary use of virtual funds as part of its portfolio management suite and a differentiated multi-asset, multi-jurisdiction, and multi-currency investment explorer, which enables users to search a vast universe of assets. Meanwhile, its workflows module promotes automated compliance by digitalising key facts statement procedures and by using a multilingual text-to-speak engine to recite key risks without any risk of human error. And its robo-advisor tool was found to be first-rate in Asia for its methodology.

Little wonder, then, that Privé, by virtue of its ‘bank in a box’, ranks as the 14th-fastest growing company in Asia.

Privé Technologies is the winner of Asian Private Banker’s Best Core Banking Platform award for 2018.