Trustee and Fiduciary Services Global Asset Management Industry Insights

Global Asset Management Industry Insights 15 Which 3 of the following are the biggest challenges in using technology for your firm? Q8 FINANCIAL INNOVATION The potential benefits of fintech and regtech are being explored throughout the industry and we asked where the biggest challenges in using technology are being seen. From the latest mobile apps and data security to automated reporting and systems administration, information and communication technologies need to be adequately resourced. With 53% of respondents identifying staffing and 45% budgetary constraints as challenges, it’s possible that, in some cases, those resources may be limited. Much has been promised in the fintech revolution, but as the initial excitement dies down, are we beginning to see that the reality is somewhat less thrilling than originally thought? Whether it’s finding applications that achieve what their designers claim they can achieve or it’s end-users demanding more than can be delivered by current technology, 67% of respondents identify “technology that fulfils expectations” as the single biggest challenge. Both fintech and regtech are dependent on accurate and meaningful data to improve customer outcomes and fulfil regulatory responsibilities, and this is the second area of concern for 63% of respondents. Technology introduces a new set of risks to financial services. There’s the risk of cyber attacks and there are the risks associated with the people tasked with maintaining and protecting a firm’s systems. These issues concern 53% and 18% of respondents, respectively. 67% 63% 45% Technology that fulfils expectations Accurate and meaningful data Budgetary constraints 53% 53% Hiring, training and retaining qualified staff Cyber security 18% Data privacy