Achieving Data, Process and IT Efficiencies
Asset managers have a more significant role to play today. Asset servicing is a profitable sector considering the current challenging economic environment. It is characterized by stringent regulations, demanding investors, and fierce competition. The evolving landscape is compelling asset managers to revisit their IT strategy, to reduce operational costs and improve efficiencies. As a result, they have been increasingly adopting outsourcing strategies to achieve strategic goals.
The scope of outsourcing has gradually evolved into one that encompasses middle office functions, as well as, data management services. Outsourcing of data management services offloads the asset manager’s time significantly, allowing them to focus on core areas to streamline operations, drive growth and gain competitive advantage. Some of the key IT challenges faced by asset managers include various processes, and silo-ed data sources, that make efficient client onboarding difficult and monetization of new opportunities a distant dream.