The asset and wealth management industries are undergoing major changes that only have been accelerating over the past 12 months. The pandemic exposed the industry to a number of issues, including dated and old operational models, regulatory risks, a lack of data-driven decision making, consolidation and an imperative to reduce costs.
Leaders, in turn, must adapt, or risk being left behind. Roughly 50% of middle and back-office costs are still linked to personnel. Companies
looking to get ahead of the coming changes will utilize technology and process to reduce costs while creating efficiencies and increasing customer satisfaction. “Hyperautomation has shifted from an option to a condition of survival,” said Fabrizio Biscotti, research vice president at Gartner. “Organizations will require more business process automation as they are forced to accelerate digital transformation plans in a post-COVID-19, digital-first world."
