Technology innovation, fintech challenges, and industry leadership were some of the highlights of the annual NICSA General Member Meeting in Boston last week.
SS&C spoke on a panel about fintech disruptors and whether the cutting-edge technologies making the headlines are gaining mindshare and receiving budgets at top asset management firms. Organizations are still struggling to scale technology to create value within their organizations. Meanwhile the combination of macro-economic conditions and the labor shortage has put further pressure on trying to meet client needs in a timely manner.
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It would be reasonable to assume—especially given the increasingly competitive and uncertain distribution landscape—that distribution leaders’ views would vary greatly about which initiatives will drive long-term success for their firms. After all, National Accounts and National Sales leaders must consider a plethora of external and internal factors that can really impact business outcomes. However, based on our recent surveys of National Accounts and National Sales leaders, there is a general consensus that data and technology refinement and enhanced business intelligence will be two points of focus for the majority of asset management organizations in 2023.
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Most asset managers would agree that high-performance technology infrastructure is essential for optimizing efficiency, controlling operating costs and moving a business forward. In today’s complex, fast-paced marketplace, it is also a competitive necessity—potentially a big differentiator in enabling firms to operate efficiently across the investment management ecosystem and deliver a friction-free client experience. In its recent report on “The Future of Asset Management,” consulting firm Accenture said, “The asset management landscape seems to be evolving faster than firms’ ability to operationally adapt, putting pressure on firms to implement flexible, scalable operations and technology.”
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Last month, we hosted our first post-COVID 19 event in Asia. Set against the impressive backdrop of the Singapore skyline, some themes emerged around technology, talent and transformation in private markets fund administration.
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Low interest rates and the “work from anywhere” environment have led to the rapid adoption of cloud-based investment systems and web-based services in the institutional liquidity space. This permanently changes the landscape and creates an ecosystem that enables new cash management functionality.
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In the retail alternatives market, technology is essential to delivering a client experience that attracts customers and earns their loyalty. It’s also vital for creating more transparent, efficient operations to support increased growth. Yet, no solution exists today that digitizes the entire subscription process, simplifies the client experience and provides transparency throughout—until now.
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In our last post, we talked about how SS&C approached the development of Lyric. We learned that microservices are a core part of Lyric’s architecture. Modern developers are increasingly adopting microservices due to their agility-focused benefits, and as a result, the architecture is appearing more and more in new technologies. However, for those who work outside the tech world, microservices likely spark some basic questions: what are they, why use them, and what are the benefits?
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What does it take to develop and implement transformational technology? Quite a lot. Resources, vision, investment and expertise to name a few. For SS&C, our Lyric journey began with a well-designed plan focused on the fundamentals: understanding the business and marketplace needs, alignment between tech priorities and business needs throughout the process, and delivering on outcomes.
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