Wealth and asset management companies across Europe are more open to adopting new technologies compared to sell-side firms, with cloud migration and automation being the biggest priorities, according to a survey by financial services IT consultancy firm Excelian, Luxoft Financial Services.
Majority (87%) of IT executives in wealth and asset management companies said that their CEOs understand the importance of technology. On the other hand, 75% of IT executives in banking and capital markets said they were frustrated by the lack of technology understanding in the boardroom.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe study also found that wealth and asset managers take a longer term view about the impact of technology on their business.
Nearly two-third (65%) of buy-side respondents opined that technology is fundamental to their business’ survival, while 56% of respondents from banking industry held the same view.
Concerns about a lack of investment in technology were found to be more acute in banks, with 86% of the respondents working for banks voicing the concern. In comparison, 77% of the respondents working on the buy-side were found to be concerned about the same.
Excelian, Luxoft Financial Services group managing director and global head Roman Trachtenberg said: “There is clearly a growing chasm between how those on the sell-side and the buy-side view technology. Investment banks have been bogged down by regulatory compliance costs for the last ten years, whilst Wealth & Asset Managers have been able to experiment more freely with technology.”
