SINGAPORE, Aug. 25, 2016 /PRNewswire/ -- Aspire Systems, a global provider of digital transformation services, formalized a partnership agreement with Temenos, the software specialist for banking and finance to collaborate on development and implementation of digital solutions.
Among others, Aspire has worked with two of the biggest private wealth management banks in Singapore and demonstrated accelerated deployment and speed to market while keeping implementation costs under control.
"The wealth management industry faces challenges on multiple fronts," noted Mahalakshmi Santaram, Head of Digital User Experience, BFSI, Aspire Systems. "The emergence of Fintech startups, changing consumer expectations and an evolving regulatory environment is forcing executives to stay on their toes. Firms must wake up to the new reality or risk being disrupted."
PWC reports in "Sink or Swim: Why Wealth Management Can't Afford to Miss the Digital Wave" that despite increased use of digital tools by HNWIs, the majority of wealth management firms do not have adequate digital capabilities to plug gaps in their current offerings. Only 23% of clients with assets worth over USD 10 million would choose to recommend their current advisor, according to the report.
Meanwhile, in Singapore alone, the number of Singaporean HNWIs is projected to grow by over 18%, to reach under 188,000 by 2019, while HNWI wealth is forecast to expand by 27.6%, to reach US$1.1 trillion by the same year, according to Singapore Wealth Report 2015.
"By integrating differentiated digital capabilities into their systems, firms can provide the new kind of wealth management experience that clients expect today," asserts Mahalakshmi. "To enable digital success, firms need a trusted technology partner offering an array of performance-based yet cost-effective digital solutions that can scale to accommodate an expanding customer base."
About Aspire Systems
Aspire Systems, internationally headquartered at Singapore, is a global technology services firm serving as a trusted technology partner for its customers. The company works with some of the world's most innovative enterprises and independent software vendors, helping them leverage technology and outsourcing in Aspire's specific areas of expertise. Aspire System's services include Product Engineering, Enterprise Solutions, Independent Testing Services and IT Infrastructure & Application Support Services. The company currently has over 1,500 employees, over 100 customers globally and is CMMI Level 3 certified. The company has a growing presence in the US, UK, India, Middle East, Asia-Pacific and Europe. For the seventh time in a row, Aspire has been selected as 'Best Companies to Work For' by the Great Place to Work® Institute.
For more information, please contact
Suresh Ranganathan
Regional Director - Asia Pacific
Cell: +65 8113 7373
Email: suresh.r@aspiresys.com
