Although the majority of trust, corporate and fund service providers predict increases in automation and digitalisation over the next five years, only a third have started their digitalisation pathway, according to TrustQuay’s recent Future Focus Report.
The report, which surveyed 120 providers and private banks globally, concluded that digitalisation is essential moving forwards. Yet at the time of the survey, 87 per cent of firms had not automated their workflow processes and 84 per cent did not provide a client portal for digital client interactions.
Client expectations around their digital experience are changing, and 75 per cent of firms believe that they need to improve in this area.
Considering regulation, 86 per cent expect communications to be increasingly digitalised, however only a quarter of firms have a single global system for compliance.
Looking towards the future, 70 per cent of firms expect to use software-as-a-service in the future, the availability of which may help to push digitalisation.
Keith Hale, executive chairman of TrustQuay, says: “[The industry] recognises the need for transformation and wants to embrace digitalisation, but is struggling to take the initial steps. Efforts on transformation to enable automation and digitalisation to address significant bigger business issues such as industry consolidation, improving margins and driving growth are being pushed down the agenda.
“Digitalisation is definitely coming to the trust, corporate and fund services market — it is inevitable as it is within any industry.”
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