Less than half of global asset managers and asset owners think that they are adapting technology quickly enough to support the needs of their businesses.
Less than half of global asset managers and asset owners think that they are adapting technology quickly enough to support the needs of their businesses, as a survey from State Street showed.
The poll gathered information from 507 industry players and revealed that digitisation remains a priority when it comes to growth concerns. According to a publication in finextra.com, digitisation can possibly streamline operations, create efficiencies, and optimise performance and risk management.
Traditionally, the financial industry has a reputation of being a sluggish adopter of new technology. Unsurprisingly, companies in the sector are struggling to keep up with the fastly accelarating changes. Only 43% of employees say that they are adapting tech quickly enouth to support business growth need.
Another recent survey conducted by Dassault Systèmes found that just 27% of wealth managers offer roboadvisers, and only 31% use big data, while the adoptation of disruptive platforms like distributed ledgers is viewed as too visionary, as finextra.com noted.
On the other hand, Ernst & Young published a report stating that wealth and asset management practitioners are “not very familiar with how blockchain actually works or what the benefits might be”.
As Jeff Conway, chief executive officer, Emea, State Street, told finextra.com:
“We believe the financial industry is at of the beginning of a new, digital era. In a world where data is the new currency, assets backed by intelligence will change how institutions will deliver on their investment objectives and risk management needs.”
As times are changing, it is to be seen how financial companies and institutions will respond to the changes.