Data management is, and will continue to be, the
life blood of a successful asset management business. The business case
for adequate investment in data management will be more apparent as asset
managers will be challenged to produce accurate client, regulatory, and
operations control reports. Having a robust data management environment (clean
data, good governance, controls, clear data dictionary and traceability, etc.)
will be the foundation for more ambitious initiatives around Big Data and
Digital Intelligence.
We anticipate innovative technology offerings that
bridge the gap between product manufacturing (“asset management”) and
consumption (“distribution,” “client interaction”), whether it is about mining
data from social media, CRM systems, and distribution network; or partnership
between technology firms and financial services players to monetize available
data.
By 2020, technology will have become mission-critical to drive everything
from customer engagement, to data mining for information on clients and
potential clients, to operational efficiency, and of course regulatory and tax
reporting. In addition, the demand for a seamless, integrated and tailored
solution for each customer will drive technology for asset managers in the
future.
At the TSAM conference, the participants
shared perspective on how effectively they have managed to sift through large
volumes of data to come up with models that help the dual goals of making
better trading decisions and managing operational risk. Some of these
initiatives took more than 10 years in the making, but the investments have
started to pay off. Some participants averred that despite using the best
of the technologies, they often can’t harness the full potential that the
systems offer due to lack of training, skill set, or incentives. It seemed as
if technology concepts and topics were not made easily accessible to employees
who would rather spend their free time on non-value add activities.
Cybersecurity is the new hot topic and it has touched a nerve at the C-suite
level given its relevance and impact. These are the reasons why Softmint thinks
technology will be a key gamechanger for the successful asset management firms
of tomorrow. Simply put, the firms that can successfully deploy and use
technology will have an operational edge over those that cannot. Of course,
preparing to engage in all of those activities and adapt your technology in
these ways is no small task. That’s surely an understatement.
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