Technologically advanced, industry-recognized Portfolio Management solutions for the Retail client segment
Serving the mass affluent and retail customer market is a great opportunity for banks. However only provided that the cost per contact and operation is maintained at a very low level, the client relationship follow-up and the investment processes are efficient (i.e. as standardised and automated as possible), and the usage of all related data (client, profile, operations, etc.) is under control and is compliant with legal and corporate requirements.
In a Private Banking context for High Net Worth Individuals Private Banks have already attained a high level of efficiency and automation. They have been supported by banking software providers in close competition who provide them with best of breed solutions.
However Retail Banks that cater for the moderately rich Mass Affluent clientele are still looking to attain comparable levels of sophistication in customer knowledge and segmentation, profiles and strategy management, order generation, compliance control, portfolio analysis and performance measurement. As a leader in solutions for the Investment Management community, Odyssey helps Retail Banks to better advise and serve their mass affluent customers using widely recognised, efficient solutions.
Three notions characterise the challenges faced by software providers when addressing the advisory business of Retail Wealth Management:
- Volume - Few positions per portfolio, few operations per position, small amounts per operation; on the other hand, multiple customers per Relationship Manager, multiple operations handled in various systems and, finally, multiple users using various communication channels.
- Usability – Retail Wealth Management users include of course Client Relationship Officers but also call centres and end clients: retail customers whose bank has become a set of pixels downloaded over the Internet communication channel! The look of the user interface and hence the way users intuitively use banking services has become a key to success.
- Compliance – the legal context is changing so that it is easier to harmonise practices, protect customers and measure and control risk. The retail advisory business is at the heart of this evolution (SOX, Basel II, MiFID, etc.). MiFID, for example, enforces banks to ensure every order is “appropriate” and “suitable”, i.e. does the order comply with the selected investment profile; is the customer aware of the inherent risks in a given investment vehicle. The ordering process is particularly concerned by such changes.
Odyssey’s goals in proposing a workstation for Retail Wealth Management are to allow users to quickly, easily and securely access wealth management services, and to have up-to-date and pertinent information from the system using various communication channels at their fingertips.
Odyssey's Retail Wealth Management Workstation allows banks to best profile customers and proactively advise them in order to reach ambitious goals. It allows banks to face compliance and traceability duties at every step of the process and handle volumes in a multi-system environment using a flexible and open technical architecture.
Main Features >>>
The Retail Wealth Management Workstation is based on a comprehensive range of business components, especially packaged in order to easily enable retail wealth management business use including:
Prospective information gathering >
Investment Profiling to know more about who your clients are and what they aim to achieve. Account Opening for an streamlined, compliant new client workflow. Client Data Management in order to keep a wholistic view of client-relevant information. Financial Planning allowing you to have a complete summary of a clients financial goals and associated timeframe. Marketing Campaign enabling you to service your clients more profitably. Collaborative Advice and Contact Management for proactive cooperation in relationship management.
Analytic and Decision support >
Portfolio Monitoring with alert generation lets you know when things aren't happening according to your plans. Portfolio Analysis to always keep the information at hand. Portfolio Performance to explain how much a portfolio has grown and why.
Investment >
Profile Checking to make sure that your portfolio complies with the respective Investment Profile, and tells you where it is misaligned. Orders Proposal for proactive advice in line with goals and strategy. Order Management for full automation of the investment process. Portfolio Construction to create value for the client with reference to market segment and Investment Profile. Compliance Checking to ensure you comply with the legal requirements and predefined constraints. Saving Plans to invest assets as and when clients' predefined targets have been met. Support and administration
For strategy definition and maintenance, permanent instructions, cash
transfer and payment initiation, credit demand initiation and reporting.
Business Benefits >>>
The Retail Wealth Management Workstation provides organisations with an essential competitive advantage when it comes to monitoring and improving client relationships. All the required actions are handled in a single front-end to efficiently serve and advise customers through standardised and industrialised processes. These actions play particular importance in:
Helping banks to better know and serve their retail customers (with
client profiling, financial goal definition and marketing campaigns),
hence generating more sales and better profitability.
Allowing end customers to access real-time portfolio and investment information through multi-channels (internal Retail User Interface, Web, Personal Digital Assistant (PDA), mobile phones, etc.)
Offering users an all-in-one platform that can handle any operation type (orders, standing instructions, IPOs, responses to Corporate Actions, alerts management)
Ensuring compliance with the legal and regulatory environments at each step of the process
Handling volumes; using a SOA (Service-Oriented Architecture) compliant architecture that eliminates the need for data replication