The industry should “embrace change,” according to one panellist at this year’s FundForum Berlin conference.
The panellist, who discussed the changing attitudes towards technology and changes within the industry, said that a lot can be learnt from different industries.
The panel discussed a new perspective on big picture digital transformation to drive business
growth and maximise efficiency.
The panellist added: “I have learnt so much about different ways of doing things. The attitude to change and the attitude to embracing change is fundamental to how some of the innovative companies operate.”
“This is not just about technology; it is about methods. Embrace the change and move towards a future that is certainly possible driven by technology. I recognise that certain industries are not willing to make those kinds of decisions just yet. You can learn an awful lot from other industries but what I have learnt is that change is good.”
The panellists then discussed how to drive the value out of new technologies while still building day to day business, and were asked whether or not companies should spend a huge amount of money on new tech.
One speaker remarked: “Only 6 percent of companies have made financial impact from their digital investments,” and encouraged delegates to “look through the technology into the capability.”
The speaker advised: “Good companies are listening to the clients, looking at trends, channel insights, and tapping into social media. And, all of these aspects are possible with new technologies.”
Meanwhile, another panellist said: “We [the industry] are transforming the core. There are a number of initiatives that we are driving in order to enhance and scale up, as well as build upon existing capabilities. Some technologies are more advanced, while other items such as blockchain are perhaps not as advanced. We are not working actively at this time on blockchain.”
In terms of working towards change surrounding technology, one speaker commented: “We have to look at technology and how to embrace it. There are several aspects we need to do in order to digitalise our work flows.”
The speaker explained: “I have looked at cloud and other collaboration tools, and it appears that teams in different jurisdictions need to work together. We are looking at ways to leverage our current infrastructure.”
One member of the panel described the changing technologies as a journey, saying that in order to embark on the journey, one must go back to the basics and then use technology as an enabler. The speaker then said that transformation should be evolution not revolution.
In terms of how to implement change, one speaker advised: “If you really want to implement something on a global level then it must be strongly driven by the board. That is not to say that all the change is driven from the board but it is fundamental to ensure certain success.”
One member of the audience asked the panel what success looks like, and asked for an example of a successful digital transformation in firms in the asset management ecosystem.
To which, one speaker replied: “Transforming some of the processes in digital technology, such as proxy boarding services, has been significantly enhanced. Second, leveraging data and the accessibility of the data and helping them with performance attribution and risk is also being enhanced. They are just about to come to the surface, we will see a much bigger impact as the market embraces this.”
Concluding the panel, another member of the audience asked, “Is there a fear of change?”
One panellist replied: “Change is coming and it will be everywhere all the time.”
Another said in response: “People are often concerned over the cost of change but I think that that is something that will reduce over time.”
