BEST DATA ANALYTICS SOLUTION
CANOPY PTE LTD (CANOPY.CLOUD)
Built from the ground up for the wealth management industry and its moneyed clientele, Canopy’s solution has earned the status of being one of the most important tools on the market for private banks whose ambitions extend to managing clients’ wealth across all financial and non-financial assets, even if they are multibanked.
Indeed, its account aggregation and reporting solution allows relationship managers upon permission to access a consolidated view of their clients’ assets across institutions — even competitor banks. Ultimately, this means that clients are furnished with a simple way to compare their multiple private banking service providers, while RMs are able to identify sub-optimality in their clients’ aggregated portfolios using the holdings, transaction, pricing, and performance data that Canopy collects. Naturally, banks are also able to view their wallet and market share through this information, paving the way for better informed strategic decision-making.
Underlying the success of Canopy’s ability to analyse data is a seemingly simple mechanism: the ability to process all types of files, including PDFs. As the only company that can extract, standardise, enrich, and reconcile data from PDFs in an automated fashion, Canopy has claimed a ‘monopolistic lock’ on the file format — one that private banks use extensively — greatly reducing the time and risk of error that is inherent to manual data entry and aggregation.
In 2018, the firm also took its analytics a step further by providing users with a way to compare portfolio performance amongst similar peers, while rolling out Chinese language support to capture the massive potential sitting in the Greater China region.
Proof of how much traction Canopy has gained lies in the fact that last year, the firm secured mandates with three new banks, established referral agreements with another two, and crossed the US$20 billion mark in assets under reporting. Meanwhile, its well-publicised partnership with Credit Suisse has continued to yield phenomenal results, with end-client users having doubled in the last year.
For its ability to equip banks and their customers with incredible insights through cutting-edge technologies, Canopy may soon not just be a competitive edge for wealth managers, but an essential tool.
Canopy is Asian Private Banker’s Best Data Analytics Solution for 2018.