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Only one third of asset managers have completed their digital transformation projects, reveals Fenergo

By Megha Bhattacharya

December 18, 2020

  • Dublin
  • Fenergo
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fenergoCLM solutions provider Fenergo today announced the findings of its global asset management research. The research revealed that most firms feel that it’s important to have a digital transformation strategy, but only one third have reported completion (37%). Two thirds (60%) of firms globally have not completed their cloud readiness strategy and 58% of firms are prioritizing investment for cloud technology within the next year.  44% are implementing AI into their customer experience and over the next two years, 53% of asset managers expect to introduce robotics processing automation (RPA) and blockchain (47%).

“Our research shows that while asset management firms are committed to digital strategies, they are clearly finding implementation a challenge, largely from a lack of accountability from the top and poor planning. Firms recognize how important it is to provide the optimal customer experience in an extremely competitive marketplace compounded by the pandemic and geopolitical uncertainty,” said Kevin O’Neill, Global Head of Asset Management and Asset Servicing and EMEA Head of Sales, Fenergo.

84% of asset managers claimed that they have lost investors to digital-first disruptive competitors in the last 12 months. Asset managers (72%) see increased regulation due to the rise in financial crime as the biggest threat to their organization.

Fenergo’s research also showed that 67% of the asset managers consider the need to improve operational efficiencies as the key driver of transformation. The second biggest driver for change amongst firms globally is “increased competition from digital-first firms” at 63%. The research also found that asset managers (70%) cite “poor planning and preparation” as the biggest barrier to implementing digital transformation in their organizations. Asset managers also cited a “lack of accountability from the executive team” (67%) and a “resistance to change” (56%) as other barriers too.

“Prior to the pandemic, asset managers were already faced with challenges around operational inefficiencies, increased regulatory scrutiny and the lure of digital-first competitors to younger investors. Fenergo’s research highlights that asset managers are losing investors and revenue opportunities due to inefficiencies. In today’s trading environment where operations mostly take place remotely, the need to digitally transform and streamline investor and product onboarding is critical. In this past year it has become clear that the adoption of innovative technology will increase efficiencies, streamline regulatory compliance while enhancing the investor experience. For the firms that fall behind the future looks ominous.”

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