RCBC WealthStation poised to increase Asian growth

MANILA, Philippines - RCBC Wealth Management, the investment advisory and private banking unit of Rizal Commercial Banking Corp. (RCBC), is poised to deliver greater service reliability and efficiency to its clients through an advanced and dedicated system dubbed as the WealthStation.

The bank has partnered with SunGard, one of the world’s leading software and technology services companies, to help integrate this new solution to its operations and bolster its wealth management business. RCBC is the first bank in the country to use SunGard’s WealthStation.

RCBC first senior vice president and Wealth Management Segment head Manuel G. Ahyong Jr. said that the bank tapped WealthStation for its ability to centralize and display information across different businesses and systems, its client-centric workflow and reporting capabilities, and its strengths of integration.

“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,” Ahyong added.

Citing from the 2011 World Wealth Report by Capgemini and Merrill Lynch Wealth Management, SunGard’s wealth management business and managing director for Asia Pacific John Vander Vennet said that in the Philippines and other Asia Pacific economies, the wealth management industry is experiencing rapid growth.

“In fact, the Asia Pacific population of high-net worth individuals expanded 9.7 percent in 2010, while Europe’s grew 6.3 percent,” Vennet added.

WealthStation automates and consolidates client and account information from different systems used throughout the bank onto a single platform, improving reliability and efficiency of compliance, processes and workflow, and providing greater transparency to clients.

The new system will provide RCBC with a consolidated view of client portfolios throughout the bank, facilitate the sale of suitable products to their clients, and deliver processing and reporting efficiencies. WealthStation creates a central dashboard of advisor and client information, trading and order workflow, and consolidated reporting. It also has risk profiling capability, which will provide a customizable questionnaire to help the bank accurately assess clients’ risk tolerance.