Seven software requirements from the very wealthy

In April of this year, The Economist published the report The new world of wealth: Seven key trends for investing, giving and spending among the very rich, I’ve found it very interesting, but in this post I want to go a bit further, so I tried to translate these 7 trends in high level software requirements for some hypothetical next Software release or implementation project.

I wish and I’d very much appreciate if some of you play the game and comment about the possible new business modules you see following these trends.

Banking Software will need to improve their user interfaces and open up to their final client’s scrutiny. PowerPoint reports won’t suffice any more; the clients will expect to have available friendly user applications, supporting what-if scenarios, personalized benchmarks, return’s peer- comparison and even social networks reviews from other representative clients. End user software will have to crunch more and more data, showing it in a user friendlier manner.Investment proposal sessions will transform in real Client workshops, where the client will expect to have shown all the underlying risks of a given Investment Product. After two decades of hyperlink reading culture, the wealthy client won’t accept that it’s not possible to navigate and drilldown thru all the components of any financial instrument.

Wealth management software will be expected to include “Philanthropy and Donations” module, to track Donations strategy, plan and global targets, track due diligence, conditions and restrictions as well as tax deductions and optimization.

Wealth Management software will be required to build Interfaces with specialized Philanthropy institutions Software and Accountability databases, in order to keep track of the outcome of the current Philanthropic actions linked to their client’s base.  System should support the Philanthropy advisory business, thru data gathering, analysis and reporting.

Wealth Management software to be used to support business with mass affluent clients need to provide mobile device interfaces supporting “micro” donations and fully integrated to tax optimization reports. Joint bank marketing/philanthropic actions for specific programs have to be supported allowing reactivity and timely actions vis-à-vis to earthquakes, floods tragedies requiring massive philanthropic support.Trend and luxury products advisory have to be integrated in a new “spending” profile for the High net worth clients. Client segmentation criteria have to be totally customizable on the fly by the Client advisors.

The Bank as Consumer advisor for his High end clients needs software whit the ability to bundle product and services in order to produce tailored proposals for its clients. Spending module will become standard in the Banking Software and is required to support Spending planning and proposals and feedback tracking.


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