Wealth Access, the leading technology provider in wealth data, is proud to announce its enhanced solutions designed to transform the banking industry: One Wealth, One Bank, One Data, powered by Integration Hub. This innovative offering empowers banks and credit unions to unlock significant revenue opportunities by tapping into wealth management services, driving growth, and enhancing digital banking experiences.
Traditionally, wealth is treated as an afterthought by many banks, relegated to a minor line item in financial reports. Estimated between 5-7%, only a small portion of bank clients are also wealth management clients. Wealth Access aims to change this dynamic, showing the critical importance of wealth management to the future of banking. By harnessing centralized data through their One Wealth, One Bank, One Data solution, banks can double their wealth revenue and tap into a largely underutilized customer segment.
Wealth: The Future of Banking
Insights from the 2024 Wealth Access Executive Summit strongly highlight the importance of wealth management in achieving revenue goals. As banks compete in a landscape shaped by rising customer expectations for digital banking experiences akin to Amazon, wealth management emerges as a crucial but untapped market.
Wealth Access offers banks of all sizes, from community banks to large financial institutions, the ability to deliver a premium customer experience without needing a $13 billion tech budget. By providing unified trust, brokerage, retirement and wealth data, the company enables banks to compete on par with industry giants like JP Morgan.
“It is estimated that a 1% increase in a bank’s client penetration to cross-sell wealth represents a $20 million increase in fee revenue,” says David Benskin, founder and CEO of Wealth Access. “There is massive revenue potential within banks’ existing client base, and it starts with centralizing and leveraging wealth data effectively.”
Introducing One Wealth, One Bank, One Data
The One Wealth solution caters to financial entities such as trust companies, broker-dealers, and enterprise RIAs, offering a seamless digital experience by integrating complex wealth data with their books and records, CRM systems, financial planning, and other tools via Wealth Access’s Integration Hub.
One Bank extends this integration to include business and retail banking data, unifying all financial services on a single platform and providing clients with a consistent and enhanced banking experience.
One Data empowers banks with advanced analytics and AI capabilities, enabling them to make informed decisions and strategically target new markets. By integrating with leading platforms like Snowflake, Wealth Access ensures that financial institutions can turn their data into actionable insights.
The Wealth Access Integration Hub serves as the linchpin of these offerings, connecting various systems—from bank cores to trust accounting—without requiring disruptive and time-consuming conversions. It simplifies the integration process with clear documentation and expected outcomes, making it easy for banks to leverage their data across all departments.
Building a Wealth-Centric Future
Wealth Access has integrations with leading banking and wealth platforms spanning CRM, financial planning, document management, trust management, custody management, tax management, digital banking, and portfolio and client management. This allows banks to deliver billion-dollar experiences without the significant tech spend.
David concludes, ” In talking to banks, we haven’t had a single one tell us they’ve been able to see all their financial data in one place. We’re leading the industry in this endeavor. Everything we build is driven by our market research and the direct needs and challenges of our clients. Centralized data and a seamless customer experience aren’t just optional—they’re the future of banking growth, and we’re paving the way.”
About Wealth Access
Wealth Access is the leading wealth data insights platform, pioneering the transformation of wealth management in banking. By intelligently unifying records across multiple systems, Wealth Access creates living balance sheets that enable service teams to see each client’s complete financial story, work across business lines to improve customer loyalty and drive higher revenue. As a result of its innovative enterprise-class solutions, Wealth Access today supports a variety of clients from
