For true operational transformation, asset managers require help from technology leaders. Ask for solutions that effectively cut costs, streamline processes, and eliminate redundant and outdated systems.

Trade groups, regulators and technological partners must take a bold, industry-wide approach to creating standardized, extractable data that works across platforms. Shifting processes will pave the way for innovative technologies like blockchain that securely eliminate the middleman while ensuring data integrity.

• By creating a foundation that will allow you to adopt new and emerging capabilities such as blockchain, artificial intelligence, machine learning (RPA) and cloud computing more easily.
• By finding industry partners to share costs and risks, and provide faster processes and managed services.
• By eliminating and streamlining processes for applying new solutions across the industry.

The biggest barrier is firm-level complacency and lack of incentive to evolve. Internally, firms must clearly perceive the benefits that can be achieved by investing in human capital, technology and automation. Externally, firms must invest in collaboration with their competitors, regulators, technological leaders and trade groups to create and implement best practices.