Robo-advisors are software programmes that provide financial advice with minimal human intervention. Software has been providing advice for half a century, from portfolio management to trading strategies to currency management, and more. The novelty is providing robo-advice direct to consumers. Robo-advice costs less than “bricks & mortar & human” services, hopefully harvesting a bigger market. […]
Wealthtech company Blooom says it has surpassed the $1 billion assets under management milestone.
For those in employed in financial services, technology has always been important – integrated systems for operations and execution have been with us for decades. But to the banking customer at a High Street branch the advances in technology may not be obvious. However, slowly and surely innovations from the fintech sector are filtering down to the mass-market.
Luxoft Financial Services is moving into the Avaloq implementation and consulting business with the acquisition of Unafortis, a Swiss wealth management consultancy firm.
Malta-based Banif Bank is harbouring ambitious growth plans and is looking to modernise its technology enterprise-wide, front-to-back office as a key part of this strategy.
ING will start a partnership with online wealth manager Scalable Capital as the bank plans a digital investment solution for its retail customers in Germany. Customers of ING in Germany will be able to register in less than 15 minutes through a paperless process. With a minimum investment of €10,000 they can monitor their portfolios […]
Switzerland-based core banking software provider ERI has joined forces with another domestic IT firm Swisscom to offer private-banking and wealth management outsourcing services to banks and financial institutions operating in the Swiss financial centres.
Linedata has expanded its outsourcing business into Asia with the acquisition of Quality Risk Management & Operations (QRMO), a provider of outsourced middle-office, shadow accounting and risk monitoring services to the asset management and securities industries.
Wealth management company Personal Capital has scored $40 million in additional funding. The money comes from existing investors as an add-on to the $75 million Series E the firm received from IGM Financial in May 2016, reports Finovate (Banking Technology‘s sister company). This brings Personal Capital’s total funding to $215 million since it was founded in 2009 […]
Robo advisor Betterment is now that much closer to achieving unicorn status – courtesy of a $70 million investment from Sweden’s Kinnevik. The investment takes Betterment’s total capital to $275 million, and gives the robo advisor a valuation estimated at $800 million, reports Finovate (Banking Technology’s sister company). Praising the “strong partnership” between his firm and Kinnevik, Betterment CEO […]
Allfunds Bank Group is all for APIs with the launch of a new platform targetting the wealth management industry. The platform offers a “fully digitised way” of accessing Allfunds services by providing access to third party applications using standardised APIs which it says comply with emerging regulatory norms such as MiFiD II. Like many other […]
US-based InvestCloud is going to launch a fintech incubator and accelerator at its European headquarters in Soho, London. Dubbed InvestCloud Innovation Centre, it will enable start-ups and established firms to create wealth management solutions supported by the InvestCloud platform.
Wealthsimple, a Canada-based online investment management service, is coming to the UK.
Glenmede Trust Company, a US-based investment and wealth management firm with $34 billion of assets under management, is consolidating its institutional and wealth operations on Charles River’s Investment Management Solution (IMS).
Fair play is on its way as Hong Kong’s Private Wealth Management Association (PWMA) has adopted the “Treat Customers Fairly Charter for Private Wealth Management Industry”. Developed by the Hong Kong Monetary Authority (HKMA) and the PWMA, the charter has five “high-level principles” and examples of measures to guide PWMA members in their implementation. These […]
US-based InvestCloud has a spring(bok) in its step as it has been appointed by South Africa’s Anchor Private Clients to provide digital client communication and client reporting solutions. Johannesburg-headquartered Anchor Private Clients, the private client division of Anchor Group, specialises in investment management and advice for private clients across South Africa and internationally. Its parent […]
HSBC is entering the robo-advice market with the launch of a new online service for wealth management advice The service will use data and algorithms and will make personal recommendations based on an individual’s circumstances. It is expected to be available by the end of the year. The bank says this will “open up wealth […]
London-based investment management firm Dolfin has gone live with Profile Software’s IMSplus and Axia systems.
Standard Chartered has given a big boost to two Asian start-ups with two proof of concept (PoC) projects. Bambu, a Singapore-based robo-advisory for wealth management firm, and KYC Chain, a Hong Kong-based digital identity management firm using distributed ledger technology, were selected from SuperCharger FinTech Accelerator 2.0 – a 12-week accelerator programme in Hong Kong […]
IBM has unveiled its IBM Cloud for Financial Services for creating finserv apps. Users will get access to APIs, data and content to build and monetise cognitive-enabled apps for fintech firms, banks, wealth management firms and insurance companies. Initially available in beta, developers will also have the ability to build in customer insights, regulatory compliance […]
Australia-based BT Financial Group, a wealth management subsidiary of Westpac, has added new functionality – superannuation administration – to its core banking platform, supplied by Avaloq.
Private banking and wealth management transformation programmes don’t need to be too risky, lengthy or costly!
Dutch wealth management firm Van Lanschot has chosen Fidor’s digital banking solution for an upgrade of its payments software and infrastructure. As part of the agreement, Fidor will manage user and account data and will process Van Lanschot’s payments flows within its fidorOS (fOS) platform, which is built using open APIs. It will also modernise […]
UBS Wealth Management has launched its new digital platform, SmartWealth, to tap into “a new audience” in the UK. The banks says it’s the first of its kind in the country.
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Credit Suisse has launched two solutions in the digital space to keep up with consumer expectations: digital client on boarding for private banking and automated account aggregation and reporting.
Australia-based banking tech provider Rubik has signed wealth management company Yellow Brick Road (YBR) for its scaled advice solution, Provisio.
Suncorp’s multi-year venture to modernise its core banking system, known as Project Ignite, has stumbled at the final hurdle. As Banking Technology reported in August 2016, the revamp was in its final stages. However, in questions over its half-year FY17 results, Suncorp told iTnews that the configuration of the platform and product migration has “taken […]
The world’s largest wealth manager UBS has extended its long-standing agreement with EPAM Systems, a provider of product development and software engineering solutions. The agreement – worth over $300 million – “supports the bank’s strategic cost reduction programme”, according to EPAM.
Validata Group, a specialist in enterprise software testing and release automation, has teamed up with OneAston, a Singapore-based tech services provider to the wealth management industry, to jointly work on Temenos’ WealthSuite projects.
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
California-based InvestCloud has acquired Babel Systems in London for $20 million. Babel provides a modular and API-based trade and accounting platform, while InvestCloud has over 660 clients with “accounting needs served by legacy accounting systems that were designed in the last century”. This acquisition links InvestCloud’s digital platform with Babel’s capabilities. InvestCloud will also continue […]
JN Fund Managers (JNFM) has chosen Objectway’s Conectus solution for digital communication and reporting on clients’ investments. JNFM, a wholly owned subsidiary of Jamaica National Building Society (JNBS), will use interactive collaboration tools such as chat, video call and screen-sharing. Investors will also be able to make requests digitally and place trade orders. Sharon Whitelocke, […]
US-based Charles Schwab has launched its Schwab Intelligent Advisory, a hybrid advisory service that combines people and a robo-advisor. Schwab Intelligent Advisory will provide investors with a financial plan, guidance from “certified financial planner professionals”, and a fully automated portfolio using algorithm driven technology. The service is expected to launch in the first half of […]
AnaCap Financial Partners, a UK-based private equity firm, is set to acquire Barclays’ French retail banking business, life insurance business, wealth and investment management and brokerage operations.
Bank of Singapore has completed the acquisition of the wealth and investment management business of Barclays in Hong Kong and Singapore. The combined entity has more than $75 billion of assets under management (AUM) and nearly 400 specialist bankers.
Who do you trust with your money? Well, if the latest talk in personal finance is anything to go by, we’ll soon be placing our trust in an altogether less warm-blooded beast. Move over mankind: the robots are coming. But not so fast!
The wealth management industry needs to shake off its “cottage industry” mentality of the past and realise that it is “do or die” in the push to digital. This was one of the key messages from yesterday’s (24 November) Objectway International Customer Conference in Amsterdam – a one-day event of presentations and insight from the […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Fundinfo says its new cloud-based fund selection system, Digital Advisor, considers “investor’s emotional preferences” in addition to analysing active and passive funds.
