How WealthArc is shaping the future of WealthTech with data automation

How WealthArc is shaping the future of WealthTech with data automation

WealthArc has consistently emphasised the role of accurate data in making informed business decisions. Over the years, the company has been dedicating significant resources to optimise their data reconciliation processes. The company has released a new report that explores just how it can help firms save time through automation.

The past year, 2022, was especially noteworthy. During this time, WealthArc noticed a shift in companies’ attitudes towards data collection, management and aggregation. These processes have increasingly been recognised for their ability to deliver valuable insights that can guide business strategies.

One of WealthArc’s standout features is its data quality, a culmination of best practices drawn from Swiss banking. Uniquely, the entire data consolidation process is conducted in-house, ensuring no third-party involvement and maximum security. Their data is hosted locally on Microsoft Azure servers, under strict encryption, both during transit and when at rest.

WealthArc’s automated reconciliation forms a core part of the services they offer. This feature guarantees the accuracy and timeliness of data feeds for reporting and daily decision-making by wealth managers. In 2022, this data verification process achieved a high-performance rate of 93%.

Their platform merges and standardises data from various sources, including custodian banks, fund administrators, brokers, and market data providers. WealthArc’s proprietary algorithms then format this data to allow rapid, adaptable, and high-quality asset consolidation.

Dr Marianne Janik, Microsoft Switzerland, noted that “WealthArc runs its SaaS platform for wealth management on Microsoft Azure, which meets the highest security standards required in the financial industry.”

WealthArc plays a crucial role in helping wealth managers make informed decisions every day. By providing clean, reliable data, WealthArc aids these professionals in their daily decision-making processes. The company achieves this by receiving anonymised portfolio data automatically. Despite every data feed being subject to potential error, WealthArc’s automated reconciliation successfully corrects 93% of the data. The remaining 7% is meticulously handled by the company’s dedicated analysts.

On top of that, WealthArc’s system is capable of identifying errors such as incorrect prices, missing transaction values, or duplicate transactions. Certain tasks, such as manually correcting batch file errors from custodian banks, can be time-consuming. However, the analysts at WealthArc ensure that every single piece of data provided to users is accurate, regardless of the time it takes to do so.

To find out more about how WealthArc is transforming WealthTech, the full report can be downloaded for free here.

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