Press Release
Press Release
The global wealth management platform industry is expected to be driven by the constant rise in the number of global high net worth individuals (HNWIs), process automation, and compliance with stringent industry regulations. It has emerged as an effective, low-cost alternative for retail investors and comes with certain benefits, such as low-cost fee structure, ease of use, low to zero account minimums, and diversified services, which is why it is expected to gain traction during the forecast period. The wealth management firms are expected to gain traction among various end-user industries, owing to the increase in wealth of individuals, healthy economic growth across the globe, and the need for compliance with regulations. The trading and exchange firms’ segment is expected to grow, owing to the increased inclination of customers toward trading and exchange to improve the financial gains. Government officials in the region have focused their efforts on credit seekers in order to promote people's financial inclusion, thus, augmenting the economic growth. The global economy is expected to strengthen over the forecast period, and banks are anticipated to play a crucial role in managing the growing assets and wealth of individuals. Banks are leveraging wealth management software to ensure a client-centric approach which will further drive the market growth.
Companies in the sector are focusing on cooperating with government entities to speed up development. In June 2021, BMO Harris Bank extended its partnership with financial technology company Fidelity National Information Services, Inc. (NYSE: FIS) by embarking on a multi-year transformation of its core banking systems to support its expansion goals in the United States. BMO will use the FIS Modern Banking Platform to power an extended retail digital platform, which will provide the United States consumers with a variety of mobile-first deposit and checking options accounts.
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The major players in the global wealth management platform industry include Avaloq Group AG, Temenos AG, Fidelity National Information Services, Inc., Backbase B.V, and Prometeia S.p.A, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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