Wealth Management - Keeping up with the regulatory challenges

Recently, Singapore launches the private banking code of conduct. A set of guidelines put up by the Association of Banks in Singapore. The code of conduct seek to define a set of standard best practices in competency and market conduct when serving HNWIs (High Net-Worth Individuals). Similarly, Hong Kong regulators are looking to refine the requirements for financial institutions in gathering evidence whether a person qualifies as a high net-worth professional investor.

With the increasing regulations imposed in key wealth management centers around the world, private banks are facing rising operational and compliance costs in meeting the higher standards in regulatory standards. While organization-wide training, technology and operational changes are necessary, sales management is also an important area on how private banks can continue to grow despite the heightened regulatory environment.

Sales managers help to identify changes to the advisory processes for the relationship managers and enhanced the overall client experience. They are the middle men who worked both with the relationship managers and the products and services teams to identify new opportunities to meet the clients' needs.

This is the key to standing out in the competition.

The next big breakthrough in technology

It's been a while since I put down my thoughts on trends on management, technology or business in my blog. My new year resolution is to share my blog to a wider group of audiences. Any suggestions from you are most welcome!

As I review the past 12 months of what has happened in the technology space, one technology that struck me was the exponential rise of ANDRIOD. More and more handset and tablet manufacturers are choosing Andriod as their preferred mobile operating platform. While there are more than 350,000 apps in App Store, Andriod market has more than 250000 apps. The gap between Andriod market and Apps Store is closing.

The question now is what's next?

To me, the natural extension for Andriod is to develop an operating platform for the desktop and notebook market which Microsoft dominates this market. Imagine that Andriod is deployed in your notebook or desktop, the tremendous opportunities in terms of user experiences and applications can be enhanced.

Let's see in the coming 12 months, will we see some indication of where Andriod is heading next.

Happy New Year!
Bernard Tan