Mumbai: According to a study unveiled by IBM Business Consulting Services, the wealth management industry in India is poised for tremendous growth. The study also revealed that successful wealth managers with a clear vision and strategy and equipped with supporting people, processes and systems, will reap significant gains.
The study, Indian Wealth Management & Private Banking Survey 2003-04, predicts that increased customer demand for sophisticated products will drive wealth managers to offer a wider array of more complex products and services. Technology tools will be critical for both enabling revenue generation as well as achieving operational effectiveness. Furthermore, increasing deregulation will enable customers to diversify their wealth locally and globally.
In response to competition for key wealth management resources, wealth managers will need to address staff satisfaction, compensation and retention strategies. Wealth managers will introduce profitability models and tools to measure and enhance their performance.
IBM Business Consulting Services is the world's largest consulting services organisation with consultants and professional staff in more than 160 countries globally, who provide business process and industry expertise.
According to Ravi Trivedy, partner, financial services, strategy and technology consulting, IBM Business Consulting Services, India, ''In India, there has been significant growth in income and wealth levels over the past few years. Financial services industry players have begun to recognise the potential of wealth management as a profitable business. ''
He adds, ''The wealth management industry, though at a nascent phase, is experiencing rapid growth in terms of the number of providers, clients and assets under management. In view of this, and given the competitive changes in the industry, this year's survey will provide timely and relevant information on changing trends in wealth management in India.''
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