RCBC selects SunGards WealthStation to support growth
Rizal Commercial Banking Corporation (RCBC), based in the Philippines, has selected SunGard’s WealthStation solution to help grow its wealth management business and build investor confidence. By automating and consolidating client and account information from different systems used throughout the bank onto a single platform, WealthStation will help RCBC improve reliability and efficiency of compliance, processes and workflow, and deliver greater transparency to clients.
RCBC needed a solution that would help provide a consolidated view of client portfolios throughout the bank, facilitate the sale of suitable products to their clients, and deliver processing and reporting efficiencies. RCBC will use WealthStation’s central dashboard of advisor and client information, trading and order workflow, and consolidated reporting. RCBC also will use WealthStation’s risk profiling capability, which will provide a customizable questionnaire to help the bank accurately assess clients’ risk tolerance. WealthStation will be integrated with SunGard’s TAPS investment administration and accounting solution for retail investment and trust banking, which RCBC has used since 2000, to help provide front- to back-office operational efficiencies.
Mr Manuel Ahyong, first senior vice president and segment head of RCBC Wealth Management, said: “We chose WealthStation for its ability to centralise and display information across different businesses and systems, its client-centric workflow and reporting capabilities, and its strengths of integration to provide an efficient process. By working with SunGard to meet our technology needs, we have aligned with an international company with a well-known brand, which also helps to increase client trust and confidence.”
Bob Ward, chief operating officer for SunGard’s wealth management business, said: “In the Philippines and other economies in the region, the wealth management industry is experiencing rapid growth. In fact, the Asia Pacific population of high-net worth individuals grew 9.7 per cent in 2010, exceeding that of Europe, and is now nearing that of North America. This increasing sophistication requires more robust tools. SunGard’s WealthStation will provide RCBC with the tools it needs to help it remain a top provider of wealth management services in the region – capabilities that offer risk tolerance assessment, holistic views of the client relationships and activities throughout the bank, and full transparency of processes and transactions.”