MILAN, Italy, December 3, 2002 - According to a bulletin published by IDC, the next step in the evolution of online wealth management systems is the adoption by Western European financial institutions of new Web platforms that manage wealth management supporting activities, freeing up resources and time for more value-added services.
"Despite the capital market slump, the number of online wealth management customers is expected to grow by 8% over the next two years as the Web channel is the best way to access more efficient services at lower costs", said Mirko Corbetta, Research Analyst with IDC's European Vertical Markets group.
On the other hand, other major issues in this financial market segment, such as the "Internet overcapacity" and the inability to sustain a customers/advisor ratio of around 40/1 using a traditional approach, are reducing the profitability of this business and are acting as drivers to the adoption of online wealth management alternative solutions.
By leveraging IT and the Internet, financial institutions can shift document transmittal and information delivery from traditional channels (i.e. post, branch and relationship manager) to virtual channels (i.e. email and Web pages). Consequently, a reduction in the amount of time agents spend for administrative tasks translates into significant cost savings.
The European Online Wealth Management: Opportunities and Constraints (IDC
#FV27J) bulletin illustrates the major opportunities that European wealth management can offer to financial institutions in terms of distribution channels, IT solutions and market developments. This study analyzes historical events, illustrating models, demand patterns and IT impact.
The European Online Wealth Management: Case Studies (IDC #FV28J) bulletin includes case studies of European financial institutions that are currently offering online wealth management services. These examples of best practice highlight the possible evolution of the online offerings in the Western European banking market that create added value for banking customers.
These documents are available to purchase from your local IDC office.
About IDC
IDC is the foremost global market intelligence and advisory firm helping clients gain insight into technology and ebusiness trends to develop sound business strategies. Using a combination of rigorous primary research, in-depth analysis, and client interaction, IDC forecasts worldwide markets and trends to deliver dependable service and client advice. More than 700 analysts in 43 countries provide global research with local content. IDC's customers comprise the world's leading IT suppliers, IT organizations, ebusiness companies, and the financial community. Additional information can be found at www.idc.com.
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For more information, contact:
Mirko Corbetta
+39 02 284 57 328
mcorbetta@idc.com