Companies need to identify the problems that their businesses face before applying technology, according to a panellist at The Network Forum conference in Vienna.
The panel, which focused on how to choose the right technology for a company, suggested that firms need to understand the business needs in order to select a technology that is right for them.
One panellist explained that by doing this it will help firms to sustain business and stay relevant in the industry.
However, another speaker noted that with all the change in the industry around regulation and technology, using a legacy system might not be the most cost-efficient way and in fact could be even more expensive.
Following on from the technology theme, the next panel discussed artificial intelligence (AI) and robotics.
One speaker said that everybody in the room is facing margin pressure from the core of the business, which has been going on for some time. The panellist suggested that this trend is set to continue.
They said: “In the custody space, margins have come down by 2 percent every year, however, people are happy with services but they want to pay less for it, which is causing the constant margin pressure.”
Firms are also experiencing high levels of cost-cutting, but one speaker said how is the industry meant to hit the next level of efficiency with so much cost-cutting.
They suggested that you have to look for something else—that something else being AI.
The panel noted that AI can be useful when it comes to managing the client experience. One said: “AI can help enhance the client experience dramatically.”
Another panellist commented: “There are multiple areas where we add can robots to add value.”
However, one speaker explained that AI is dependent on data. They suggested the more data you have, the more chance you have of being able to use it wisely to enhance the business.”
According to another speaker, there is value in investing in robotic, but you have to look at all the options available to get the best result.
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