Equity Trustees and Syscorp strike deal
Equity Trusteeshas licensed wealth management software providerSyscorp’s Complete Financial Services platform (CFS) to administer its financial services offerings.
Equity Trustees chief executive Peter Williams says the deal will enable the group to replace their four “legacy systems” with one fully integrated platform.
Williams says the business had previously bought technology systems that performed single tasks, however these systems have now degenerated into a group of non-integrated systems requiring significant manual work.
“We have a lot of manual work around, that sometimes requires double and triple entry of data, with databases spread across different systems,” Williams says.
He says he expects the deal to deliver cost reductions to the back-office as well as improved customer service.
“The bottom line is we will be able to use our people resources better. Not so much cost savings as having people work on more productive things,” he says.
Equity Trustees started with a list of nine potential suppliers, but Williams says Syscorp was seen as meeting most of the group’s criteria - even if it was not a totally perfect fit.
He says he expects the relationship will also support growth plans, in particular, expanding wealth management product offerings, including its ‘Total Care’ product.
Syscorp and Computer Sciences Corporation (CSC) recently announced they would jointly offer a new range of both front and back-office solutions to the financial services industry.
The joint offering enables front, middle and back-office functions to be administered on one platform to provide clients with consolidated reports and internet reports.
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