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  • Written by PR Newswire Asia - Daily Bulletin Au RSS
Outdated, unintuitive technology is a major challenge for wealth managers in Japan - Avaloq research
  • Avaloq research reveals that over half of wealth management professionals in Japan and across Asia find the technology systems and applications they use outdated
  • In Japan especially, wealth management professionals also believe it takes too much time to learn to use their advisory systems
  • Enhanced data visualization, automated regulatory checks and automated portfolio monitoring are cited as the top three functionalities that would offer major improvements for wealth management professionals in Japan

TOKYO, July 31, 2024 /PRNewswire/ -- Avaloq's latest survey has found that over half (56%) of wealth management professionals in Asia feel that the technology systems and applications they use are outdated, compared to just 37% in Europe. 49% of respondents in Asia say it takes too much time to learn to use their advisory systems, rising to 61% in Japan. These findings point to a desire among wealth management professionals in Asia and Japan to have the latest, most intuitive technology at their disposal so they can better serve clients. 46% of Japanese respondents agree that too many systems are needed to complete a task. This comes as no surprise since 25% of wealth management professionals in Japan rely on ten or more technology systems to conduct their daily tasks, well above the global average of 17%.

Most wealth management professionals in Japan (71%) use their investment advisory tools in client meetings, above the Asian average of 64%. Of those not yet using their advisory systems in client meetings, 75% of Japanese respondents state that they would like to, indicating an opportunity to introduce systems that are up to the task. For wealth management professionals globally, the biggest barriers to using advisory tools in client meetings are user interfaces that are not optimized (69%) and technologies that are too confusing to use with clients (60%).

The survey also found strong appetite from wealth management professionals for technology that can support their daily activities. Automated regulatory checks (75%), better data visualization (71%), and automated portfolio management (71%) emerged as the top three functionalities offering a major improvement for wealth management professionals in Japan. Considering that 42% of respondents across Asia cite time as a strong or very strong barrier to offering more personalized advisory services to clients, the use of automation or AI technology to boost front-office efficiency can result in improved service for wealth management clients.

Naoyuki Honda, Sales Director and Head of Japan at Avaloq, said, "Offering highly personalized and efficient wealth management services relies on a scalable technological infrastructure. While banks and wealth managers have invested heavily in upgrading their technology in recent years, this transformation is far from complete."

"To stay relevant and competitive in today's rapidly evolving landscape, banks and wealth managers must focus on finding ways to create individualized experiences, including through new technology, and invest in cutting edge digital tools that empower advisers, streamline operations and support data-driven decision-making will stay ahead of the curve."

Notes to editors

About the research 

This wealth industry research is based on an online survey of 200 wealth management professionals with a minimum of 5 years' industry experience in Germany, Switzerland, the UK, Singapore, Japan and Hong Kong SAR. The survey was conducted in February and March 2023. The report includes contributions from BlackRock, Accenture, Synpulse and Datos Insights

Read the full report on the Avaloq website, available in English and Japanese versions.   

About AvaloqAvaloq is a premium provider of front-to-back software and services for over 160 financial institutions around the world. Our clients include private banks, wealth managers and investment managers, as well as retail banks. We develop software that can be deployed flexibly through cloud-based software as a service (SaaS) or on-premises, and we offer Banking Operations outsourcing through our business process as a service (BPaaS) model. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. www.avaloq.com

Authors: PR Newswire Asia - Daily Bulletin Au RSS

Read more https://www.prnasia.com/story/archive/4473294_AE73294_0

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