The Industrial and Commercial Bank of China has launched an ebanking service for its high net worth customers, as wealth managers increasingly turn to technology to harness clients.

ICBC has opened “Banking@Home” Electronic Banking wealth management product for users of Personal Internet Banking and Mobile Banking, the bank said in an announcement. The product has a duration of 63 days. Initial minimum subscription of the product is RMB 50,000 ($7,800).

It is the latest firm to tap the ebanking market, a sector which is predicted to grow massively. 

Global spending on IT by the wealth management industry will surpass $32 billion by 2015, equating to a growth rate of 6.5 per cent over a five-year period, predicted Ovum, the consultancy and research firm, in a report in June. 

The ramping up of technology spend by the sector will be driven by a return to greater industry revenues and profits as the number of wealthy consumers looking for opportunities to invest their money slowly increases, the firm said in a report.

“The recession had a big impact on the wealth management industry and it was one of the sectors that bore the brunt of the fall-out, resulting in growth in tech spend slowing considerably,” according to Ovum senior analyst Jaroslaw Knapik.

Rising regulations are also driving heavy IT spending on compliance-related software, as this publication has been told by firms such as SunGard.  

“Strong growth in the emerging markets, a need to invest in channels such as internet services, and compliance requirements of new regulations such as Basel III, are all fuelling global growth in technology investment,” Knapik said.

Globally, all channels will see growth but it is in internet services that it will be particularly strong, Ovum’s report said.