GBST named in world’s Top 100 most innovative WealthTech companies
For the second year in a row, GBST has been named in the WealthTech100 as one of the world’s most innovative companies transforming the wealth and asset management industries – and has been recognised as a dominant industry player who removes the expense of legacy technology that hampers innovation and digitisation.
Selected by industry experts, the annual WealthTech100 recognises the top 100 companies across the globe that provide wealth management technology. For the 2021 list, specialist research firm FinTech Global assessed the WealthTech universe to identify companies that offered an innovative technology solution to solve a significant industry problem, reduce costs and improve efficiency for clients, and showed growth in terms of capital raised, revenue and customer traction. An expert panel then voted on the shortlist to determine the top 100 leaders in WealthTech innovation.
Rob DeDominicis, CEO at GBST, commented, “We are proud to be recognised in the WealthTech100 for the second consecutive year. GBST’s inclusion reflects the strength of our teams globally and our ongoing commitment to developing and modernising our underlying technology and adding new functionality to meet the evolving needs of our clients and their customers.
“We have continued to grow year on year in both APAC and EMEA and are now a key technology partner for over 100 financial services organisations globally. Our highly secure, robust, and scalable solutions manage over 5.5 million accounts under administration and help clients to reduce operating costs, drive automation, improve agility, increase security, and minimise IT infrastructure costs with cloud-based solutions.”
GBST has and continues to make significant investment in its core wealth platform, Composer, with a current planned investment of $75 million to transform the underlying technology stack and build additional front end and back office functionality. Despite volatile market conditions from Covid and Brexit, GBST continues to invest, develop, and grow.
The Company has worked with its clients to transition to a modern cloud technology architecture that enables rapid implementation, the ability to differentiate product offerings in the market, and test changes without service impact. Through a responsive HTML5 user interface and a Java Spring Boot application, GBST technology empowers its user base to simplify user journeys, add additional client reporting quickly, and significantly enhance new areas of functionality.
David Simpson, Head of EMEA, Retail Wealth at GBST, said, “To the best of our knowledge, GBST is currently the only platform technology provider able to support the full range of ISAs, general investment accounts, pensions, annuities and on-and-offshore bonds on a single technology platform covering direct, advised, and workplace distribution channels. This is recognised by independent wealth consultancy Altus, that recently told us ‘Composer now offers the widest functionality and broadest range of wrappers of any retail platform software in the UK.’
