Key technology challenges for asset management firms in 2021

by | 11th May 2021

To give your asset management firm every chance of success in 2021, you’ll have to overcome a few key technology challenges.


Because firms that avoid these challenges, or skirt around growing technology trends, risk falling behind those that do.

Indeed, a staggering 60 percent of asset managers worry about losing business to FinTech firms.

Considering these facts, we’d like to unpack some of the biggest technology challenges facing asset management firms. We’ll also add some suggestions on how to overcome them.

Making use of your data

Does your asset management firm fail to turn data into actionable insights?

For many firms, this failure is due to fragmented, legacy systems. According to Daniel Gianotti, Head of Investment Management at Capita Consulting, this causes, ‘missed opportunities to connect data across systems and harness insights across the estate.’

To remedy this, explore cloud-based solutions. Ultimately, the cloud removes the need for different servers, empowering your firm to centralise, integrate, and make use of all its data.

From here, you can use tools like PowerBI to get valuable business insights and make better investment decisions. As an example, we helped the asset management firm, Pemberton, adopt PowerBI (as part of a wider technology solution). Now, they can make better use of their data, and take on more valuable business intelligence projects.

Adopting automation

Firms that don’t adopt automation will endure higher costs compared to those that do.

Indeed, one report predicts middle and back-office personnel costs will reduce from 50 percent to 20 percent for firms that use automation.

Regrettably, many firms still lag behind when it comes to adopting the technology. As a result, they miss out on brilliant cost savings and productivity gains.

To resolve the automation adoption challenge at your firm, why not use a tool like Power Automate? As a part of Microsoft 365 E5, it’s an accessible and cost-effective way to integrate automation.

With Power Automate, your staff can implement low-code solutions to automate repetitive activities. For example, you could automate customer onboarding by encouraging new customers to fill out online forms. These can then be automatically uploaded to your central database, in turn saving valuable time for your staff.

Building a secure remote workforce

Perhaps the biggest challenge for asset management firms is achieving secure remote working. Without a secure, virtualised network and the right remote working policies, you’ll leave your firm vulnerable.

To remedy this, it’s crucial to:

  • Train staff to work safely, and to avoid the typical IT security threats they’ll face.
  • Provide secure devices for everyone (or work with individuals to secure their own devices).
  • Use the right software with built-in security. Again, Microsoft 365 E5 is worth a look.

The 2020 pandemic threw many businesses into the home working deep end. But, with many workplaces adopting flexible working policies going forward, you’ll need to continually secure your remote workforce and clients.

Tackle these technology challenges head on

How would your asset management firm look if it got the better of its technology challenges?

Luckily, there are clear solutions worth exploring. As we’ve covered, you can use platforms like Microsoft 365 E5 to bring automation into your firm. And, you can deploy new security protocols to ensure your staff work securely at home.

If you’d like to learn more about how to grow your asset management firm by working through these challenges, reach out for a chat with one of our team today.

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