While financial institutions explore new territories and trade across multiple geographies, currencies, and products, they are pressed with the challenge of meeting their customers’ expectations like never before. The new generation high net-worth customers demand far more attention from their wealth managers in terms of time and personalized services, than their older counterparts. These technology savvy customers want services to be delivered instantly, and via their preferred channel. Moreover today’s asset owners are very cautious about the performance of their investments, and demand complete transparency from their wealth managers in asset reporting. In such a scenario, banks not only face the challenge of offering a comprehensive portfolio of products, but are also expected to provide customers with on-demand, real-time reports of the performance of their assets.

Clients expect their primary financial institutions to provide a consolidated view of their net assets, including non-custody investments (investments with other banks or wealth management entities). Financial institutions need to ensure that their communication with customers is consistent across channels. Inconsistent reporting across different channels might translate into customer mistrust, and consequently into customer churn.

While efficient client reporting is critical to the success of wealth management institutions, they still struggle to deliver consistent and cost-effective reporting to their clients. Aggregating data collected from multiple disparate systems is challenging. Further, report creation involves multiple reviews by financial advisors, analysts, and legal and compliance functions, which adds to the process complexities. In order to overcome these challenges wealth managers need an end-to-end process automation solution covering every aspect of client reporting – including data aggregation, validation, creation of personalized reports, multi-channel distribution, and archiving using a single integrated solution.