Τον προσεχή Μάιο αναμένεται η ανάδειξη των Cyprus’ Best Workplaces™ 2022, σύμφωνα με ανακοίνωση που εξέδωσε τοGreat Place to Work®, επεξηγώντας με ποιο τρόπο θα γίνει η διαδικασία επιλογής των εταιρειών που θα αναγνωριστούν και θα διακριθούν για το εξαιρετικό εργασιακό περιβάλλον που προσφέρουν.
The list of large companies that have relocated their headquarters or part of their international operations to Cyprus is not only long but also impressive.
Wargaming, Amdocs, Sykes, Thomson Reuters, Nielsen, 3CX, eToro, NCR, VTTI are amongst some of the major foreign companies that have established their headquarters in Cyprus in recent years.
These companies are essentially operating in different sectors of the economy, and their presence in Cyprus has undoubtedly helped the Cypriot economy on a large scale.
Despite the difficulties faced by Cyprus over the past few years, it is significant to note that it has managed to maintain its comparative advantage as a financial centre, whilst at the same time move forward with the development of new sectors, recognizing the great importance of attracting foreign investment for the advancing of the economy.
Cyprus has several features that make it a competitive business hub. Primarily the country has an extensive network of constantly expanding double tax avoidance agreements, as well as an appealing tax system. At the same time, Cyprus offers high-quality and low-cost support services, with an additional advantage of its geographical location and the fact that it offers access to developed markets in the Middle East and Europe. Simultaneously, Cyprus offers high quality of life, security, pleasant weather conditions, appealing tax incentives for fund managers and suitably qualified human resources.
Given these facts, it is no coincidence that leading overseas companies looking for an alternative destination with a friendly business environment have chosen Cyprus to establish their headquarters. The shipping industry, the investment industry, the funding industry, the higher education industry and the high-tech sectors are the main areas attracting foreign companies.
Particularly for companies operating in the field of technology and IT, Cyprus offers additional incentives, such as, the country’s current intellectual property system. All these factors answer reason why large international companies have chosen and continue to choose Cyprus for establishing a corporate base. Nonetheless, in order to be able to meet the challenges of tomorrow and to effectively be competitive, it is crucial to continue working to generate additional conditions that will further contribute to making Cyprus a distinct competitive business centre. In this regard, both the private sector and the government need to work together to endorse more promotional activities such as organising large conferences in Cyprus and abroad in order to highlight the incentives and the comparative advantages offered by Cyprus. The participation of Cyprus in international financial forums as well as the formation of targeted contact with foreign companies should be the aim of promoting Cyprus as the ideal choice for founding a base for their business.
In order to continue the upward trend in this international competitive environment, the confrontation of the bureaucracy that continues to afflict businesses and citizens must be addressed. Additionally, the strengthening of economic diplomatic ties in line with the expanding network of mbassies and consulates of Cyprus abroad is crucial. In addition, the digital transformation of the government, the addressing of the long delay in administration of justice and the passing of the investment law, are just some of the stages needed to propel development in a favourable complimentary direction.
While providing an end-to-end back office support system including a variety of corporate, legal and financial services Prospectacy can assist on moving your headquarters in Cyprus, ensuring that all the processes and procedures are compliant with the laws and regulations of Cyprus.
The importance of location in business should never be overlooked. While the right location can present your business in a positive light, an inconvenient or unfavourable location could negatively impact your potential income, increase your expenses and compromise your business’ prospects for growth. Benefits of Relocating to Cyprus
Technology has long had a role in the business of wealth management; however, historically its role was to support the internal needs of wealth managers in areas such as portfolio management and accounting. Since 2010, we have witnessed a significant revolution in the application, flexibility and deployment of technology in the wealth management sector. Today, there are more solutions than ever before, all of which are powered by big data analytics. From Artificial Intelligence to robo advisors, there are many changes taking place which are affecting different areas of the wealth management industry, including regulation, privacy and transparency. And while robo advisors are in no way going to take over the industry, they are changing the way we interact with it. Here are four ways in which technology is influencing the wealth management industry:
Improved Customer Interactions A study by the Shullman Research Centre found that 23% of the world’s millionaires are millennials, while over 50% of all wealth will be held by generation X and millennials by 2020. These groups, who are renowned for moving their wealth around a great deal, will also be on the receiving end of the $30 trillion transfer of wealth from the baby boomers. Technology has enabled wealth managers to interact with new generations and manage their expectations like never before. From around-the-clock availability to effortless interactions, wealth managers are using AI chatbots to simulate customer interactions and improve communication with their customers.
Predicting the Future One of the greatest benefits of AI is its ability to sift through big volumes of data. What would typically take a wealth manager weeks or even months to do can now be achieved in a matter of days – or even hours. Wealth managers are using robo advisors and AI to view and constantly assess their clients’ portfolios in more dynamic and accurate ways. These advanced systems can quickly predict financial outcomes by looking at past and current trends in wealth, as well as outside factors such as the news, social media and product reception.
Create Unique Offerings Modern clients expect wealth management services to be tailor-made to their lives. Using the data gathered, along with information on the client, AI systems can determine where customers’ money can be spread, or which products they should invest in. This expedites the wealth manager’s role, enabling them to refine the information and create customized product offerings on a client-by-client basis.
Facilitated Operations Sifting through large volumes of data is always subject to human error. With AI, wealth managers can look at specific data and monitor every aspect of their workflow. These systems provide information to managers and assist them in rectifying errors and facilitating operations. The Evolution of Wealth Management Technology is freeing wealth managers from repetitive and complex tasks, while enabling them to provide specific insights based on the individual needs of the customer. To stay competitive, wealth managers must embrace this new era of modern technology in order to become more proactive, stay ahead of the curve and offer solutions that meet clients’ precise goals.
Prospectacy Limited offers both personal and corporate wealth management services. With absolute dedication to our clients’ objectives, we embrace the technological advancements in the sector, being able to deliver the best possible solutions.
Wealth management is a complex industry that is currently facing numerous trends, challenges and disruptions, including technological advancements, ultra-high-net-worth individuals and growing compliance costs. New technologies, fee structures and the entry of bigtechs are influencing the industry like never before. As the industry evolves, wealth managers must stay ahead of the curve in order to remain attractive to their customers. The key to the success of any wealth management firm lies in building trust and maintaining long-standing relationships. With more solutions than ever before, this is becoming increasingly challenging, particularly in a world where customers are setting the pace and engaging in multiple ways through technology.
Wealth Management: Preparing for the Future
Over the next few years, the speed of change in the wealth management industry is likely to continue to increase. As millennials begin to gain control over the world’s most significant assets, the wealth management industry needs to be fully prepared to appeal to this new breed of investor and cater to their every need.
Multichannel communication is essential for attracting, retaining and serving clients – as well as the generations that follow.
To remain competitive, wealth managers must have access to state-of-the-art digital tools in order to organise, analyse and use customer data in the most seamless way possible. Wealth managers must also be able to offer an intuitive and multifaceted mobile experience, as well as access to websites, apps and communities. The process of signing up new accounts or processes must be easy and fast, while information must be accessible anytime and from any device. Further, they must have the technological capabilities to refine the client experience and help customers stay informed about their investments.
A new trend in personalisation is being experienced thanks to ever-increasing customer expectations combined with technological capabilities and solutions.
According to Capgemini’s World Wealth Report, 86% of high-net-worth clients want personalised offerings. As such, as the industry evolves, role of the wealth manager must be to maintain and nurture individual relationships while offering expert guidance, long-term financial planning strategies and tailor-made investment solutions. Wealth managers will need to offer an effortless service, not just on a remote level but on a personal level too. The entire human experience – throughout the customer’s lifecycle– will need to be exceptional in order for the customer to remain loyal.
Thanks to evolutions in analytics, data gathering, decision-making and delivery, wealth managers will be able to create the most personalised, contextualised and dynamic experience for the individual client.
Finally, sustainable investment, which uses environmental, social and governance (ESG) factors, is becoming increasingly prominent amongst socially and environmentally-conscious investors (particularly millennials). As such, wealth management firms will need to pay close attention to sustainable investments that integrate ESG elements if they wish to remain competitive and attractive to modern investors.
At Prospectacy, our main objective is to deliver the best possible wealth management services that match your corporate or individual needs. By following the global trends, and continuously updating our technological infrastructure, we strive to maintain the highest standards of wealth management services.
Prospectacy’s wealth management services include (but are certainly not limited to):