Our technology enabled solutions help the financial institutions of today to streamline and transform, enabling them to operate more efficiently and effectively than ever before. The breadth of our suite of products is unparalleled in the financial technology industry. Over the past year, we have witnessed a paradigm shift in the wealth management space, as more and more providers begin to utilize technology to digitize various processes. Privé has been at the forefront of this shift, leading the way with its innovative solutions, helping financial institutions and asset managers alike ride this wave of digitization successfully.
Privé has developed an end-to-end platform for EAMs/IAMs with direct custodian connectivity and account consolidation, addressing many of the pain points of smaller AMs/FOs have when servicing clients. This platform allows advisors to focus on building client relationships, by automating time-consuming tasks such as account consolidation (especially when HNW clients have multiple private banking accounts), reporting (automatic portfolio comparison report generation), as well as custodial connectivity (facilitating straight through order execution). This end-to-end cost effective platform has gained traction in the market, with 40 EAMs/IAMs on board at the moment. This platform would improve the efficiency of EAMs/IAMs, while direct custodial connectivity would facilitate better product flows for Private Banks holding custodial accounts. By automating the manual procedures that financial advisors would otherwise have to spend time and effort on, the EAM platform frees up the space for advisors. These advisors can shift from more laborious tasks and instead engage with clients to better understand their motivations and preferences, so that they are able to recommend more suitable investment portfolios for their clients. By reducing the time and human effort involved in the advisory process, the monetary resources incurred by the end-client are minimized, consequently making wealth management more accessible to the masses.
Furthermore, Privé also provides an end to end digital private banking system, called in Bank-in-a-Box, which is designed to empower and enable challenger banks (neo-banks), telecommunications companies, mobile manufactures, social media giants and many others to foray into the world of private banking. Privé’s system is designed to act as a completely digital bank-end private banking system, with features including financial data analysis, aggregated financial statements, aggregated personal finance, automated institutional investments, real-time diagnostics, interactive customer evaluation, smart portfolio management, real-time investment advice, data-driven investment recommendations, investment management tools and an artificial intelligence based robo-advisor. These modules, when deployed standalone or as part of the “bank-in-a-box” offer streamline processes and reduce complexity and operational costs for private banking operations.
What makes Privé's solution so valuable is that Privé’s proposal is an integrated and modular solution, which enables us to augment existing systems without having to undergo a wholesale replacement or exchange of a system for a client. Since each of our modules are able to integrate easily through scalable microservices with the existing system and only with respect to functionality that is required or wanted by the client, it enables our system to maintain the inherent customer journey that is unique for our clients and the end investors. This is what effectively puts us into a league of our own. Traditionally, financial institutions use several third-party service providers to deliver the financial services and build their wealth management processes. While these third-parties may provide top of the line functionalities with reference to the module that they offer, it results in a fragmented delivery. There will be a certain amount of manual integration required for the third-parties to be able to communicate with one another.
Our value lies in the fact that we are able to provide numerous modules that integrate and work together seamlessly. We are able to deliver an ecosystem catered for the end to end wealth management process. This allows our clients to provide a seamless and holistic wealth management experience to their clients. Our modularity enables financial institutions to simply pick and choose functionalities that they require to quickly and effectively roll out. Once adopted, clients can choose to integrate more modules from those that we offer or request more functionality via additional modules. Through Privé’s comprehensive Bank-in-a-Box solution, financial service providers are able to easily digitize their existing infrastructure in an adaptable manner and provide bespoke solutions to their end-clients, thereby increasing the ease with which they are able to serve wealth management offerings to the masses. By adapting the modules according to the requirements of the clients, there is a high degree of customization that is achieved, hence improving the quality of service and meeting the demand of the new generation of customers for a more personalized experience.
In this manner, Privé’s comprehensive, efficient and intuitive solutions ease the process through which financial service providers can offer wealth management, which in turn augments the accessibility of end-clients to highly personalized products. This ensures that the nature of the supply of wealth management solutions is well aligned with the contemporary demand for the same.