Dragon Wealth unveils new wealth management platform at Finovate Asia 2013
Dragon Wealth platform to enable banks and investors to make contextual and relevant investment recommendations and decisions with peer group comparisons and data from the bank and social media
14 November 2013, Singapore – Dragon Wealth today unveiled their Dragon Wealth platform at Finovate Asia 2013. The Dragon Wealth platform leverages social media, big data and the cloud to provide at-a-glance insight on investment behavior, peer group comparisons, and expert information, enabling relationship managers and their clients to have transparent conversations about clients’ investment needs.
“Today’s investor is technologically-savvy, expects better and faster service and quality advice. Banks need to evolve with the changing needs of their customer. Customers want the same user experience they have on consumer apps and they also want to know what their peers are doing,” said Bert-Jan van Essen, Co-Founder and Managing Director, Dragon Wealth.
“The Dragon Wealth platform is uniquely able to help banks bridge that relationship gap. By combining the bank’s data as well as data from social media and news sites, relationship managers and their clients will have the latest information that is tailored, current and relevant for their clients – allowing them to focus on fostering better relationships with clients,” added van Essen.
The Dragon Wealth solution takes advantage of the cloud and a social mobile analytics platform to analyse a combination of structured data from the bank and unstructured data from social media and online news channels. Information will be delivered via two different applications and interfaces – one for the bank and the other for the client. Banks can also easily customise the platform to suit their unique needs and requirements, whether through a customised dashboard on a tablet application or via widgets on the existing application landscape of the bank.
The solution is a scalable Software-as-a-Service platform that is secure and compliant with regulatory standards. It is available to financial institutions as a white-labeled solution that’s customizable and easily integrated with existing infrastructure, bringing down implementation time and costs.
Dragon Wealth has partnered with Amazon Web Services for cloud platform and big data capabilities, ensuring complete data confidentiality and geographical zoning. The company has also signed a partnership agreement with renowned financial technology software provider Finantix to integrate the Dragon Wealth product with the comprehensive wealth management platform that Finantix offers. Additionally, they are also partnering with SOFGEN and Thakral One for sales and integration. Dragon Wealth is also working with the SMU School of Information Systems on their Data Analytics Capstone program.
With the Dragon Wealth platform, Relationship Managers can now utilise both in-house and information gleaned from the Dragon Wealth platform to add value when making financial recommendations to investors. Dragon Wealth is uniquely able to help Relationship Managers by increasing their effectiveness per client interaction, save time and cultivate better relationships with clients due to the increased quality of advice given based on more relevant information.
Through an easy-to-use tablet application, investors get a complete, transparent view of what their peers are doing, and aggregated information from external sources such as trends on social media and news sites, as well as bank information. The decision making process for investors then becomes a more collaborative effort, ensuring that the client-Relationship Manager relationship remains meaningful and productive.
“Banks are not keeping pace with the expectations of clients and are losing customer loyalty. Coupled with the challenge of relationship manager turnover rates, staying relevant and ahead of the competition are challenges that are keeping bank CEOs up at night,” added Dana Ritter, Co-Founder and Managing Director, Dragon Wealth.
“The Dragon Wealth platform will provide relationship managers and their clients with transparent access to at-a-glance information on their investment behavior, peer group comparisons, and expert reports to make better informed decisions on investments,” Ritter said.
Dragon Wealth has received seed funding worth SGD 500,000 from angel investors in the banking industry.
About Dragon Wealth:
Formed in 2013, Dragon Wealth is a financial technology company focused on solutions that enable financial institutions to deliver wealth management advice that matters to their clients by leveraging the latest in social, mobile, analytics and cloud solutions. Dragon Wealth is made up of a team of experienced technology experts with over 25 years combined experience in developing solutions for wealth management organisations and is headquartered in Singapore. Daniel Ott, Chief Information Officer of UBS Switzerland & EMEA is serving as Chairman of the Dragon Wealth Board of Directors.
About the Dragon Wealth platform:
The Dragon Wealth platform is a solution that enables wealth management advisors to make well-informed, contextual and client-relevant recommendations to their high net-worth clients. The solution takes advantage of the cloud and a social mobile analytics platform to analyse big data and social media channels to deliver a customised dashboard via a tablet application or via widgets on the existing application landscape of the bank.
The Dragon Wealth platform allows banks to analyse non-traditional unstructured data sets that were previously not accounted for in private wealth management. Financial institutions can also easily customise the platform to suit their unique needs and requirements. The platform is secure and completely compliant with regulatory standards.
