European financial institutions are set to invest in wealth management technology for the first time since the capital market slump, according to a report by IDC, the market research company.

Financial firms will especially focus on customer relationship management, risk management and portfolio management systems in the drive for efficiency. Mirko Corbetta, research analyst for IDC, said: "The possibility to access a wide range of available data through a cost-effective channel will be a greater opportunity to improve the relationship between wealth manager and customer." IDC predicts that the biggest opportunities for wealth management software vendors will appear in Germany and Spain, with the UK a consistent market.