Wealth management technology provider Bravura Solutions has noted a shift in the focus of the industry from technology to efficiency and simplification as a result of ongoing consolidation, government reforms and the rise of self-managed superannuation funds (SMSF).
"Five years ago, there was a trend towards technology and having the latest system in the market. Now, it is second to functionality," Bravura Solutions global head of product Darren Stevens said.
Merger and acquisition activity over the years has caused many financial services companies to operate multiple platforms and software systems.
"It forms the bulk of the work that we are getting. Clients ask us for simplification; how they get from having three platforms to two," Stevens said.
But the rise of SMSFs has also caused a review of the product range of platform providers.
"Platforms are thinking about how to win more SMSF business. Platforms will still win the most business, but they will have to offer a broader product range, including direct equities and linking to brokers," Stevens said.
He said there was also more focus on strong taxation functionalities in the systems to further improve efficiencies.
Bravura provides services to about 40 clients in the superannuation industry, but he said the firm had recently experienced more enquiries from insurance companies.
"A lot of life insurance companies want to simplify their back office and develop their direct insurance offering," he said.
Meanwhile, Bravura yesterday announced the appointment of Daryl Wright as global wealth management product marketing manager.
Wright would work closely with the product, sales and marketing teams to develop and execute holistic product marketing strategies for the global wealth management division, focusing on client needs and identifying market trends and challenges, the company said.
He joins the firm from Deloitte, where he was a marketing and business development senior manager.
