SunGard, the technology provider, has launched Ambit Wealth Management, a new solution targeting private banks, wealth managers and family offices in Asia.

The product is a front-to-back wealth management solution suite with mobile banking functionality.Sungard said it will increase staff productivity through better workflow, while also helping improve operational efficiency and cost reductions through process automation. Philippines-based Rizal Commercial Banking Corporation is the first bank to implement the new technology.

"A single, fully integrated and flexible platform, Ambit Wealth Management will help Asia's wealth management firms adapt to changing market conditions by providing relationship managers with up-to-date industry news, regulatory updates and detailed client information," said SunGard.

Financial institutions are increasingly struggling to meet stringent regulatory requirements such as the Foreign Account Tax Compliance Act, Australia's Future Of Financial Advice and the UK's Retail Distribution Review.

“The changing face of wealth management in Asia means financial services providers need to quickly address evolving regulation, growing investor demands, margin pressure and an increasingly educated customer base, in order to succeed in the region," said Edward Lopez, executive vice president of SunGard's wealth and private banking business unit.