Manila, Philippines – The economy’s growth this year is expected to be accompanied by higher demand for banking services, including wealth management, says the Bangko Sentral ng Pilipinas (BSP), noting that the country’s wealth management sector continues to grow. “The outlook for the banking industry is positive,” the BSP said, citing the confidence of the saving public in the banking system not only through traditional banking services, but also through ways to better manage their savings.
The BSP sees the country’s banking sector to remain profitable this year. Assets being well managed by banks’ trust departments have grown significantly, despite the most recent global economic conditions that peaked in 2009, it reports, expressing optimism that “the trust sector would witness an increase in assets under management.”
Wealth management incorporates financial planning, investment portfolio management, and a number of aggregated financial services. High-net-worth individuals, small business owners, and families in need of the assistance of a financial advisor call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals, and investment management.
“Wealth managers recognize the need to build a strong brand that stimulates trust. This is a significant opportunity, especially for local banks whose stability stood out in the recent global financial conditions. There is a need to become the point of reference for their clients’ financial needs by implementing a customer-centric model that monitors customer data. An efficient technology system can facilitate this by delivering the information rapidly and in a tailored manner,” says a study by the Singapore-based Callataÿ & Wouters that delivers innovative information technology (IT) solutions and services to the financial industry, and helps retail banks, private and direct banks meet and exceed their business objectives while controlling operational costs.
The Philippine financial and economic managers seek ways and innovations to provide impetus for growth and open more opportunities in the fledgling wealth management sector. CONGRATULATIONS!
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