Market Share of Wealth Management Platform Industry
The intensity of competitive rivalry is high, and the emergence of new software providers is growing globally. Multiple start-ups have emerged in the domain, particularly in emerging markets such as India, giving market incumbents considerable competition. The nature of the market studied makes it crucial for new market players to constantly keep track of the technological advancements and regulatory dynamics to maintain compliance while offering upgraded functionalities to end users.
- February 2023 - The South Indian Bank (SIB) partnered with Geojit Financial Services to build a wealth management platform. SIB Wealth aims to assist the bank's high net worth (HNI) clients by investing their funds in the greatest financial instruments available in the market. Portfolio management services, alternative investment funds, systematic investment plans, mutual funds, bonds, real estate funds, and structured products are all available on the site.
- February 2023 - Wells Fargo introduced a digital platform for consumers with wealth management accounts to assist its millions of wealth management customers in planning and track their finances. The LifeSync platform will be available on the Wells Fargo app for the US bank's 2.6 million wealth and investment management (WIM) clients at the end of March.
- January 2023 - YieldX, a US-based fixed-income portfolio management technology provider, optimization services, and direct indexing tools for the wealth management sector, was acquired by FNZ, the global wealth management platform. These cutting-edge capabilities, which will be incorporated into FNZ's wealth platform, will allow customers to scan the worldwide universe of fixed-income opportunities and swiftly discover the outcomes that match their desired terms and yield depending on their risk profile.
Wealth Management Platform Market Leaders
Avaloq Group AG
Fidelity National Information Services, Inc. (FIS)
Prometeia S.p.A
Temenos Headquarters SA
Backbase, Inc.
*Disclaimer: Major Players sorted in no particular order
