Learning to catch up with modern digitization knowhow is a challenge to a large number of wealth creators and asset managers, it was revealed in a special study conducted by a leading financial institution specialising in the Asset and Investment Management Consultancy domain and holding its operations worldwide.
Less than 50% of the respondents felt that they are actually adapting their business to the rapid growth-led digital technology, the world is experiencing.
507 of those surveyed agreed that digitization is a priority to address their business, asset and wealth management goals. They indicated that the technology is a must to streamline operations, create efficiencies, and optimise performance and risk management.
Another data compiling agency found 27% of the their sample comprising 27% of the wealth managers agreed to change to a system that offer robo-advisers, and only 31% use big data, while the adoption of revolutionary platforms like distributed ledgers is viewed as a distant dream.
EY, the leading management consulting firm, found that most of the asset managers in their domain are “not very familiar with how blockchain actually works or what the benefits might be”, when it comes to understanding contemporary technology upsurge.
It has been advised by these research groups that asset managers must “align technology with ambition” by acquiring to onboard innovation, integrating systems and expanding their distribution through mobile and robot.
As the Emea State Street CEO put it, “We believe the financial industry is at 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.”
If these indications are a pointer to the future course gitization in industry, business and finance, there’s a lot of ‘catching up’ to do for some of the world’s well-known asset managers and wealth creators, if they need to play on an even field in the coming decades.
As they say, ‘it’s survival of the fittest’