Top Financial Services Companies in Singapore

top financial services companies in singapore

 

You badly need investment or retirement advice and you know your former banker-buddy-turned-plumber isn’t your best source of financial guidance. This is where you switch to a financial advisor or your local bank for professional insight.

The financial service industry entails more than just depositing money or getting your credit card approved. You’re likely to deal with financial service providers as an investor, budding homeowner, bank account holder, or high net worth individual.  But we can stop and ask what’s the financial service industry in lay terms. Let’s delve deeper.

What is the Financial Services Industry?

Financial services refer to the services offered by firms that are in the business of managing money, asset management, investing, advisory, insuring, security trading, accountancy, and lending, among others.

Similarly, financial services refer to the designing and distribution of financial instruments, products, and advisory services to individuals and organisations. These products and services revolve around the banking, insurance, investing, assets, personal finance, and wealth management institutions.

It may be wrong to think that banks, insurance agents, mortgage firm’s brokers, and the like offer unrelated services. If you take a closer look, you’ll notice the difference in theory offerings, but don’t be misled to think they’re disparate. The truth is that they offer services that make the more prominent finance service industry.

As a diverse industry, the financial service sector offers its services to governments, SME, MNCS, and non-profit outfits. In Singapore and the rest of the globe, the financial services sector makes up the most critical segment of the economy.

Financial Services Examples

  • Hire Purchase Finance
  • Credit cards
  • Merchant Banking
  • Asset Liability Management
  • Wealth planning and management
  • Housing Finance
  • Portfolio Finance
  • Underwriting
  • Credit Rating
  • Mutual Funds

Top Financial Services Companies in Singapore

BCP Asia Top Financial Services Companies in Singapore

Financial Services Company

Business Continuity Planning

About

Business Continuity Planning offers financial services ranging from consultancy to business continuity management. It provides Singaporean companies with training, eLearning, and continuity services to help businesses mitigate disaster, crisis, and risk management. BCP offers services to healthcare, public, telecoms, and data centres among other industries.

Services

·      Financial Research,

·      Consulting Research,

·      Company Research Services,

·      Management Research,

·      Management Consulting

Address

371, Beach Rd,03-15 Keypoint Singapore, 199597 Singapore

Telephone(s)

(65) 6325 2080

E-mail

[email protected]

Website

https://www.bcpasia.com/

 


DLL Top Financial Services Companies in Singapore

Financial Services Company

De Lage Landen

About

De Lage Landen offers high profile asset-based financial products. It offers commissioned schemes to manufacturers, dealers, and distributions. De Lage specialises in leasing and consumer finance solutions, such as factoring and vendor financing. Its asset oriented finance solutions enable clients to build market share and overall profitability.

Services

·      Vendor Finance

·      Leasing

·      Commercial Finance

·      Factoring

·      Leasing

Address

SouthBridge Tower,38 Beach Road #26-11Singapore 189767,

Telephone(s)

(65) 65343197

E-mail

[email protected]

Website

https://www.dllgroup.com/sg

 


Hong Leong Top Financial Services Companies in Singapore

Financial Services Company

Hong Leong Finance

About

Hong Leong Finance is a reputable finance firm offering financial products to individuals and corporates. The firm facilitates savings, asset-based loans, financial planning, and corporate deposits. It’s one of Singapore’s prominent finance firms with over 28 inland offices. Individuals can enjoy their home loans, mortgage, and share financing packages.

Services

·      Home loans

·      Fixed deposits

·      Share loans

·      Underwriting

·      Equipment loans

Address

16 Raffles Quay, #01-05, Hong Leong Building, Singapore 048581

Telephone(s)

(65) 6579 6777

Website

https://www.hlf.com.sg/

Operating hours

Mon- Fri 8.45am to 6.00pm

 


Abreen Top Financial Services Companies in Singapore

Financial Services Company

Abreen 

About

Aberdeen Asset Management is a global finance firm with offices in Singapore. It’s an investment firm that facilitates asset financing for retail and corporate institutions. It handles quantitative investments, private markets, and institutional services for Singaporean and global companies.

Services

·      Fixed Income

·      Emerging Market Debt

·      Active Equities

·      China A-Shares

·      Multi-Asset management

Address

21 Church Street, #01-01 Capital Square Two, Singapore 049480

Telephone(s)

(65) 6395 2700

Website

https://www.aberdeenstandard.com/singapore/investor

 


 

SG Financial Planner Top Financial Services Companies in Singapore

Financial Services Company

Singapore Financial Planners

About

Singapore Financial Planners connects you with the best unbiased financial advisors. We believe that financial planning is made different for everyone, and that every individual’s financial planning should be highly customised to your needs. Most financial advisors out there are out to make a quick buck. Therefore, our stringent selection process ensures that only those who pass are allowed to be part of our team to provide unbiased and ethical financial advice.

Services

  • Financial Planning for Self-Employed and Employed
  • Retirement Planning
  • Insurance Planning
  • Financial Advisory
  • Financial Portfolio Optimisation

E-mail

[email protected]

Website

https://singaporefinancialplanners.com

Operating hours

Open 24 Hours

Reviews

Timothy and Xavier gave honest and useful feedback about my current policies as well as suggestions on how to improve on them. Hard to come across financial planners who emphasise on your financial wellbeing and at the same time are not pushy. Good experience so far!

 


KPMG Top Financial Services Companies in Singapore

Financial Services Company

KPMG Singapore

About

KPMG Singapore is recognised for its multi-disciplinary financial service portfolio. It handles a range of services from compliance, tax, compliance, and payment processing, among others. KPMG has integrated knowledge to handle mergers and acquisitions while helping clients to design financing solutions that work.

Services

·      Mergers & acquisitions

·      Tax accounting services

·      Accounting Advisory

·      Assistance on capital market transactions

·      Financial statements audit

Address

#22-00, Hong Leong Building, 16 Raffles Quay, Singapore 048581

Telephone(s)

(65) 6213 3388

E-mail

[email protected]

Website

https://home.kpmg/sg/

Operating hours

Mon-Fri 8:30am-5:30pm

 


Aegis Top Financial Services Companies in Singapore

Financial Services Company

Aegis Portfolio Managers

About

Aegis Portfolio Managers belong to the Aegis Financial Group. It helps to promote entrepreneurship, wealth creation and management, and investment. It caters to the needs of investors and Asian entrepreneurs. It helps Asian companies to achieve their economic goals through asset management solutions.

Services

·      Asset Management

·      Fund Management

·      Asset Management

·      Fund Managers

·      Wealth management

Address

9 Battery Road,#09-08 Straits Trading Building Singapore 049910

Telephone(s)

(65) 6535-5368

E-mail

[email protected]

Website

www.aegispm.com

 


SG Financial Planner Top Financial Services Companies in Singapore

Financial Services Company

SG Private Banking

About

SG Private Banking offers private banking products and services to companies in the Asia Pacific region. It caters to discretionary portfolio management, investment analysis, risk management, and asset allocation procedures. SG facilitates estate planning, trusts, and administration services.

Services

·      Corporate & Investment Banking

·      Securities Services

·      Global Transaction Banking

·      Asset Management

·      Equipment Finance

Address

1 Raffles Quay, No. 35-01 North Tower Singapore, 048583 Singapore

Telephone(s)

(65) 6303 3888

Website

http://www.privatebanking.societegenerale.asia/

 


PIAS Top Financial Services Companies in Singapore

Financial Services Company

Professional Investment Advisory

About

Professional Investment Advisory Services offers corporate and individual financial advisory services to Singaporean clients. Its services range from education planning to corporate pension schemes and succession planning, among others. It offers underwriting services investment and life insurance services to expatriates. It’s a Monetary Authority of Singapore accredited firm that offers personalised financial services and solutions.

Services

·      Personal Financial Advisory,

·      Corporate Financial Advisory,

·      Comprehensive Financial Planning,

·      Tertiary Education Planning,

·      General Insurance

Address

6 Shenton Way #09-08, Singapore, Singapore 068809

Telephone(s)

(65) 6372 5700

E-mail

[email protected]

Website

https://www.proinvest.com.sg/

Operating hours

Mondays to Fridays: 9 am to 6 pm

 


NMG Top Financial Services Companies in Singapore

Financial Services Company

NMG Consulting Limited

About

NMG Consulting specialises in the provision of consultancy services to stakeholders in the insurance, investment, and re-insurance industry. It offers strategy consulting, life protection, wealth management, and corporate wealth management services. NMG serves domestic and global companies.

Services

·      Strategy Consulting

·      Finance And Actuarial Consulting

·      Distribution Consulting

·      Health Management

·      Life Insurance

Address

109 North Bridge Road#05-21Singapore 179097

Telephone(s)

(65) 6325 9855

Website

https://nmg-group.com/

 


AV Capital Top Financial Services Companies in Singapore

Financial Services Company

AV Capital

About

AV Capital operates as an investment banking entity serving technology and emerging growth firms. It provides services ranging from merger and acquisition, debt management and negotiation business valuation restructuring, and IPO advisory services, among others. AV capital has its headquarters in Singapore.

Services

·      Mergers & Acquisitions

·      Capital Raising

·      Restructuring

·      Strategy Consulting

·      Business Valuations

Address

Level 18, 16 Collyer Quay, Singapore 049318

Telephone(s)

(65) 6818 9765

E-mail

[email protected]

Website

http://www.avcapital.com.sg

 


Shroders Top Financial Services Companies in Singapore

Financial Services Company

Schroders

About

Schroders Singapore serves private clients, high net worth individuals and families, and trust. It helps to manage wealth and assist clients in achieving their wealth ambitions and goals. Schroders works with top management to help clients meet the changing needs in the wealth management category. The firm strives to help clients face the future with practical asset management solutions.

Services

·      Family Office Services

·      Discretionary Portfolio Management

·      Advisory Services

·      Banking Service

·      Asset Management

Address

138 Market Street #23-02, CapitaGreen, Singapore 048946

Telephone(s)

(65) 6800 7100

E-mail

[email protected]

Website

http://wm.schroders.sg/

 


Citi Top Financial Services Companies in Singapore

Financial Services Company

Citi Private Bank

About

Citi’s Institutional Clients Group offers an all-inclusive financial service package to SMEs, local, and multinational corporations. It provides investment research, trade solutions, and corporate banking and investment services, among others. Citi enables high-net-worth customers to clinch a unique range of products and services in the IPO, M&A, and bond categories.

Services

·      Capital Markets and Advisory

·      Commercial Banking

·      Markets and Securities Services

·      Private Banking

·      Treasury and Trade Solutions

Address

8 Marina View #21-00 Asia Square Tower 1 018960

Telephone(s)

(65) 62255221

Website

https://www.citigroup.com/

 


IFS Top Financial Services Companies in Singapore

Financial Services Company

IFS Capital

About

IFS Capital is one of Singapore’s leading financial services providers. It caters to SMEs with practical financial solutions. Since its inception in 1987, IFS has been offering underwriting, factoring, and financing to future business. It’s MAS accredited and listed on Singapore Exchange.

Services

·      Invoice Financing and Factoring

·      SME Financing

·      Cross-Border Financing

·      Supplier Financing

·      General Insurance,

Address

10 Eunos Road 8#09-04 Singapore Post Centre

Singapore 408600

Telephone(s)

(65) 6270 7711

E-mail

[email protected] 

Website

https://www.ifscapital.com.sg/

 


DBS Top Financial Services Companies in Singapore

Financial Services Company

DBS Bank

About

DBS Bank is one of Singapore’s premier banking institutions. It changed its name from the Development Bank of Singapore limited to take up a global appeal. DBS serves SMEs and established companies. It offers tailored wealth management, SME banking, underwriting, and a full range of financial services for its local and foreign clients.

Services

·      Deposit insurance

·      Wealth planning

·      Corporate banking

·      SME banking

·      Wealth management

Address

12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3, Singapore, SG

Telephone(s)

(65)-6835-1234

(65) 1800 222 2200

Website

https://www.dbs.com.sg/

 


OCBC Top Financial Services Companies in Singapore

Financial Services Company

OCBC Bank

About

OCBC Bank has a long history in the Singapore banking sector. Since its inception in 1932, it has evolved to become a formidable finance service provider with vast assets. It’s recognised in the list of the top 50 safest banks and provides clients with an array of services, including wealth management, asset, stocks, private banking, and consumer banking, among others.

Services

·      Business Banking

·      Online Banking

·      Insurance

·      Financial Advisory

·      Global Savings

Address

65 Chulia Street#01-00, OCBC Centre, Singapore 049513

Telephone(s)

1800 363 3333

(65) 6363 3333

E-mail

[email protected]

Website

http://ocbc.com

 


HSBC Top Financial Services Companies in Singapore

Financial Services Company

HSBC SINGAPORE

About

HSBC provides a comprehensive suite of banking and financial services to local and overseas businesses in Singapore. The bank caters to the needs of MNCs, home-based companies, private clients, and retail customers. It facilitates retail banking, trustee, insurance, securities, and stock market services.

Services

·      Wealth Management

·      Foreign exchange

·      International mortgaging

·      Investment financing

·      Online banking

·      International financing

Address

·      HSBC Main Building, 1 Queen’s Road Central, Hong Kong SAR

·      Claymore, 6 Claymore Hill#01-01Singapore 229571

Telephone(s)

(65) 6227 8889

(65) 6227 8886

E-mail

[email protected]

Website

www.hsbc.com.sg

 


First Top Financial Services Companies in Singapore

Financial Services Company

First Advisory

About

First Advisory Group is a top financial service firm with offices in Singapore and five other global locations. It serves clients with investment advisory and asset protection services. First Advisory helps clients to realise their wealth aspirations through tailored solutions, sustainable succession planning, and reporting.

Services

·      Family Estate Planning,

·      Legal Advice

·      Tax Advice,

·      Investment Advisory,

·      Asset Management,

·      Investment Controlling,

Address

3 Temasek Avenue, #23-04 Centennial Tower, Singapore 039190

Telephone(s)

(65) 6576 0990

E-mail

[email protected]

Website

http://www.firstadvisorygroup.com/

 


Providend Top Financial Services Companies in Singapore

Financial Services Company

Providend

About

Providend is Singapore’s pioneering fee-based wealth advisory company. The company operates on a fee basis, with clients paying specified rates to get their work done. Providend is a licensed retirement planning, fund management, and wealth advisory entity, and it’s affiliated to the Monetary Authority of Singapore.

Services

·      Wealth Management

·      Investment Management

·      Asset Management

·      Risk Mitigation Planning

·      Estate Planning

Address

38 Duxton Hill, Singapore 089616

Telephone(s)

(65) 6309 2488

E-mail

[email protected]

Website

https://www.providend.com/

 


Financial Alliance Top Financial Services Companies in Singapore

Financial Services Company

Financial Alliance

About

Financial Alliance employs veteran investment and financial service experts who provide in-depth advisory services on a personalised basis. The firm offers wealth management and financial product advice for businesses in the insurance, health, estate, and investment planning sectors. Financial Alliance has been in the industry for the last 15 years.

Services

·      Private Wealth Advisory

·      Islamic Wealth Advisory

·      Commercial Business Planning

·      Insurance

·      Estate Planning

Address

50 Beach Road #12-01/08, Gateway West Singapore 189720

Telephone(s)

(65) 62221889

E-mail

[email protected]

Website

https://fa.com.sg/

 


Expat Top Financial Services Companies in Singapore

Financial Services Company

IPP Financial Advisers

About

IPP Financial Advisers has been offering exceptional financial services with a specialty in ex-pat advisory. As a licensed financial advisory firm, IPP facilitates access to a diverse range of products and services, including insurance, tax, retirement planning, and education planning for foreigners and locals.

Services

·      Multi-Currency Management,

·      Retirement Planning,

·      University Planning,

·      Tax Efficiency,

·      Life And Health Insurance

Address

78 Shenton Way, Singapore 079120

Telephone(s)

(65) 9320 9737

E-mail

[email protected]

Website

https://www.eag.ippfa.com/

Operating hours

8:30am–6:30pm

 


 


How do you benefit from financial services as an individual? Or are you looking to capitalise on them as an established company? Before you pick specific products or advisory services, it’s good to know what financial services can do for you and your business.

  • Stimulates Investment

    Financial services push for more demand for specific financial products. The finance service provider has to invest more to meet the needs of the investor. Financial services assist investors such as a merchant banker through a new issue market enabling the producer to attract capital. Equally, it can be the stock market helping the investor to mobilise additional funds.
  • Promotes Savings

    Financial services, including mutual funds, encourage the saving culture. If you’re a pensioner looking to save through different options, you can choose viable investments that promise excellent returns on investment, and there’s minimum risk. Remember, authorities require financial service providers to safeguard the interests of those who save in their firms.
  • Minimises Risks

    Insurance services mitigate risks facing financial service firms and producers. Various risks are covered, from declining business and natural catastrophes. Insurance acts as an investment and as a source of capital.
  • Maximises Returns

    Did you know that financial services enable entrepreneurs to augment their returns? But how? These services avail credit at reasonable rates. With such credit facilities, business owners can acquire high-value assets and increase their turnover.
  • Ensures Greater Yield

    You’ve probably noted the difference between yield and returns. Higher yield draws more producers into a specific market. They drive up production to meet existing demand. Financial services enable individuals and companies to earn more profit and build more wealth. The stock market offers the perfect opportunity in this regard.
  • Spurs Economic Growth

    Economic growth comes about as a result of development in all sectors. The financial service sector avails funds to core sectors and ensures balanced growth. If the primary, secondary and tertiary sectors are growing progressively, it brings a positive impact to the overall economy.

Types of Financial Services for You to Consider

  • Banking

    Banking includes the distribution of cash into saving accounts, lending money to customers, and so on. Some regulations dictate rules, such as 10% of the funds to be withheld in the account. Banking avails loans to customers from the interests accrued from these accounts.
  • Advisory

    Financial advisory services are expert insights offered to individuals and companies. Financial advisors help with ideas in investment, business valuation, and estate planning, and wealth management, among others. The right advisor guides investors when making financially related decisions.
  • Wealth Management

    Wealth management services enable people to make sound saving decisions. Providers offer excellent investment advice, robust products, and services that help investors to create, diversify, and protect their wealth.
  • Mutual Funds

    Mutual funds firms offer investments that involve multiple stakeholders. The investments are not handled by investors but specified professionals. The capital investment isn’t as demanding as the overlay for stocks and bonds. They’re ideal for investors who are keen on risks.
  • Insurance

    You know how insurance works; but have you stopped to think that it’s an essential finance service. It acts as a safety net that covers unseen expenses that may arise out of unexpected circumstances. Insurance covers numerous industries ranging from life insurance, health, auto, home, and others.

Characteristics and Features of Financial Services

The following characteristics and features earmark financial services:

  • Customer-Specific

    How can a financial service provider create an offering if they didn’t know the needs of their potential customer? Impossible, right? Financial service firms must research their target market before they settle on a product or service strategy. If they can’t keep abreast of their customer clusters, they can’t create offerings that best meet the needs of their customers.
  • Intangibility

    We live in a competitive global environment. It’s a fact. However, financial service providers in Singapore and all over the world need to establish a robust brand. For these firms to enjoy customer confidence, they need to concentrate on innovation and product quality.
  • Concurrent

    The production of financial services and their supply has to go hand in hand. The discovery and innovation of these services and their distribution happen simultaneously.
  • Perishable

    Financial services cannot be stored. They’re perishable. They’re supplied according to customer demands. Their providers need to retain a balance between demand and supply.
  • Market Dynamism

    Financial services must exhibit dynamism. They have to keep evolving. You well know that there are constant shifts in the socio-economic environment. Disposable income, living standards, and status quo keep changing. Financial service providers need to visualize market expectations to produce relevant products and services.

How to Choose a Financial Planner in Singapore

So, your investment plans have been flopping since you keep sourcing for advice from the wrong corners. Well, all isn’t lost. You’re likely to get your projects off the ground if you know how to appoint a professional you can entrust your money decisions to.

In Singapore, the Financial Planning Association of Singapore (FPAS) emphasises on the following numerous steps that ensure you have a certified financial planner in your corner.

1.  Look for an Accredited Planner

Essentially, a financial planner isn’t a stockbroker, insurance agent, or a banker. Planners are all-rounders who rely on a business planning process to assess and craft the right strategy for your investment needs. Don’t forget to check their accreditation and proof of certification.

2.  Identify What You Need

Why are you looking for a financial planner? Do you have debt, cash flow, tax, or estate planning issues? Are you looking for a small start-up planner? Identify what you need before you take any other step.

3.  Ask for Referrals/Recommendations

To get the best CFP expert, ask your associates, your accountant, or attorney, to point you in the right direction. A planner with reliable referrals and a reputation will lead you to your investment nirvana.

4.  Don’t Hire the First Planner You Find

Financial planners won’t charge you for the initial consultation. At least a majority offer this free. This is your best chance to ask pertinent questions. Make sure you have questions that reveal how the planner interacts with clients, their pricing policy, terms, and conditions, not to mention their competency.

Of all, weigh your instincts. If it feels right and you think the rapport in between will end up successfully, you can hire the planner while following industry advice and resources.

Technology Trends in the Financial Services in 2020

Think about technology and its impact on various socio-economic spheres. Then, narrow that down to the financial services sector. Of course, there are emerging technologies that keep changing the processes and procedures in this sector. Read the list below to understand the trends shaping the financial service sector:

  • Big Data

    The financial services and banking industry are investing big in big data and analytics. The volume of data from credit cards, ATM transactions, credit scores, and deposits is mind-numbing. Institutions are taking up big data analytics to deduce key indicators from such data to stay ahead. Analytic solutions can help providers in areas such as risk management, market optimisation, sales, and market trend identification.
  • Cloud Computing

    Cloud computing allows financial institutors to leverage IT capabilities on demand. It helps cut costs and secure online transactions, transfers, and digital wallet transactions.
  • Artificial Intelligence

    Can artificial intelligence impact financial institutions and their services? Significantly so. Institutions such as the banking industry are leveraging chatbots and service robots to improve customer service. Other institutions are using AI to track fraud and facilitate 24-hour banking services.
  • Robotic Process Automation

    Robotic process automation (RPA) saves costs, labour, and minimises errors. Institutions are using technology to boost user experience. It employs bots to handle repetitive and labour intensive tasks. With RPA, institutions can employ bots to cater to low profile client queries while customer agents focus on high priority tasks.
  • Blockchain

    Forget cryptocurrency and Bitcoin. Blockchain is the new sheriff in the financial sector arena. Its use of distributed and immutable ledgers has made it possible for institutions to run operations transparently, securely, and inexpensively. Financial service companies are quickly considering this technology and its potential to change the face of the industry across banking, insurance investments, and so on.

Blockchain Benefits for the Financial Services Industry

Have you noticed that institutions, including the financial services industry, are ditching legacy systems for refined technologies like blockchain? So, what does blockchain hold in store for the financial service sector?

  • Transparency and Reduced Errors

    Blockchain is the best remedy for identified problems. But the bigger picture is blockchain facilitating clarity and real-time tracing of transactions. It makes reconciliation almost effortless. No doubt, it makes compliance and regulatory reporting easier.
  • Decentralised System

    Blockchain technology shares ledgers to a multiplicity of nodes. So, there’s no need to involve a third party patron when storing or processing information. This makes financial data hacking impossible. Furthermore, with no third-party control, blockchain transactions are cheaper.
  • Secure

    Blockchain technology is exceptionally secure. The encryption in use permits individuals with a unique code to access.
  • Improved Record Keeping

    In Singapore and the rest of the globe, the financial service industry has custody of financial records and data. If blockchain is employed, it can record such data immutably and reduce fraud. Dispute resolution becomes easy and so does document referencing.
  • Trade Finance Benefits

    Blockchain solutions automate transactions. Smart contracts help automate workflow and intense calculations. Institutions thus require less workforce and largely avoid errors.

Benefits of IT Automation for Financial Institutions

In Singapore, you don’t have to crane your neck too high to realise that financial service institutions are taking up technology progressively. IT automation enables financial services providers to leverage efficiency, reduce operational risks, and reduce costs.

  • Control and Governance

    Financial service firms need to manage sensitive client and business data diligently. There is also the problem of centralised management and oversight. If there’s high personnel turnover, data access issues arise. With automation, these providers enjoy better data control.
  • Increased Efficiency

    Through automation, financial service providers can innovate, inject process efficiency, and reduce costs. With end-to-end IT benefits, providers deliver competent and dependable services.
  • Improved Underwriting

    Automated underwriting improves the entire insurance procedure. Insurance agencies that have automated their systems enjoy better workflow, customer relations, and better service quality. You can be sure that they enjoy quick decision making and improved return on investment (ROI).
  • Reduced Paperwork

    With automation comes the reduced need for paperwork. Whether it’s in the banking or underwriting sector, automating processes ensures data and processes are streamlined. A service provider who invests in the cloud is sure to stay ahead of the competition while reducing overheads.
  • Easy Collaboration

    Relying on manual and labour-intensive processes in the financial service sector hampers innovation and service quality. The industry comprises many moving parts that affect the much-needed simplicity in collaboration. Automation simplifies complex bureaucracy in the financial service industry.

Cloud Benefits for the Financial Services Industry

Are you already conversant with the cloud? If you’re not, you have a long curve ahead to manoeuvre. But isn’t it evident that your business can reap big benefits by investing in the cloud? If so, don’t you think the cloud has immense benefits for the finance service sector in Singapore and beyond? Let’s take a look at some of its benefits.

  • Business Agility

    Cloud computing injects agility into any business. The financial service sector is on that list. Business mobility is one aspect that the cloud renders to financial institutions. Providers free up time and staff can access data from any device remotely. The IT personnel doesn’t have to bother with infrastructure, software updates, and other day-to-day issues.
  • Leverage Infrastructure as a Service

    The cloud offers infrastructure as a Service (IaaS). It helps to reduce deployment, testing, and expending in-house capabilities. IaaS gives service providers the platform to test new apps and products. Institutions can capitalise on the AWS capabilities to run credit risk simulations. Don’t forget, there are superior computing and processing capabilities that help providers reduce hour-long transactions into minute-long procedures. It boosts profitability and faster decision making.
  • Scalable Computing

    Financial service providers have considerable data to organise. The cloud lets these firms host their CRM in the cloud. Providers, including Microsoft Azure or AWS, enable service providers to host general data in the cloud. They free up their internal servers, and they can store case sensitive data that they don’t want to share in the cloud.
  • Low-Cost Storage

    Financial institutions have huge data volumes to manage. They’re obligated to hold tax, credit, investment, or other financial data for long periods. You cannot afford to choke your internal servers with huge data volumes. The wise way out is to invest in scalable server and storage services.

Key Takeaways

  1. Financial services make up an essential part of any country’s economy
  2. Financial services comprise a wide range of activities, including banking, insurance, investments, mortgaging, and others.
  3. Financial service providers and their experts offer financial services. Financial products are the tangible goods, accounts, and investments they offer.
  4. Large conglomerates lead in the sector though smaller entities and credit providers are equally active in the industry.

FAQs

What is Financial Services

Financial services refer to the services offered by firms that are in the business of managing money, asset management, investing, advisory, insuring, security trading, accountancy, and lending, among others.

 

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