How can organizations deliver new solutions at the rapid pace the business demands?
The investment landscape is evolving at a rapid pace. Firms that do not — or cannot — respond to shifting client, market and regulatory demands risk missing out on business opportunities or, worse, losing ground against their competitors. Keeping pace in this fast-moving, high-stakes environment requires agile solutions and the technology to enable them.
In conjunction with WatersTechnology, Eagle Investment Systems LLC, a leading provider of financial services technology and a subsidiary of BNY Mellon, recently published a new white paper, The Age of Agile Solutions, based on a survey of senior-level professionals from global banks, asset managers, hedge funds and insurance companies. The goal of the research was to uncover the extent to which these organizations are able to utilize technology to adapt to new business needs and whether they are embracing an agile technology framework that enables them to react rapidly and with confidence.
The findings reveal that while the vast majority (94%) recognize the importance of being able to deliver solutions quickly to meet new business needs, only 7% feel their organizations are well prepared to do so. Investing in robust data management frameworks, embracing new delivery models through the cloud, and rethinking operational workflows to incorporate managed services and outsourcing, all emerged as key components of a more comprehensive strategy. These are essential to create an interconnected ecosystems that can better respond to new opportunities and demands.
Fewer than one in five (18%) respondents described their IT organizations as ‘quick and agile.’ However, among those using cloud technology, the proportion describing themselves as quick and agile more than doubled to 40%, highlighting the advantage of adopting flexible and scalable deployment models. A robust and open technology platform also allows organizations to move faster, adopt more service-based architectures and leverage forward-looking applications, while end users benefit from third-party integrations to create a seamless experience across solutions.
The research also highlighted how firms are increasingly leveraging alternative operating models, such as managed services, to support their changing business needs. Four out of every five (83%) respondents said their organization outsources at least one process that supports the investment side of their business, while 13% outsource more than 10 processes.
The research revealed that the demand for agile and scalable technology solutions and operating models is only becoming more pronounced amid the heightened challenges in today’s fast-paced and evolving environment. What’s more, many organizations remain hindered by legacy systems and technology that suffer from integration and connectivity challenges when introducing new solutions. Nearly half of those polled (45%) cited aging legacy systems as a top concern in meeting the changing needs of the business, while 16% view their existing technology as an outright liability.
As firms embrace transformation to position themselves for growth, there are a number of common elements that the report identifies that can maximize the potential for success. These include a robust data platform with an open framework capable of leveraging APIs and scalable cloud technology that can provide capacity on demand. A growing number of asset managers are also increasingly turning to alternative operating models enabled by managed services and component outsourcing as they focus on their core competencies. Those firms that don’t embrace these technological developments are likely to find themselves increasingly exposed as they fail to respond quickly enough to emerging business opportunities and demands.
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Global Head of Marketing, Eagle Investment Systems
As Global Head of Marketing at Eagle Investment Systems, a BNY Mellon company, Mr. Skaling leads the global marketing organization and is responsible for building market leadership, product marketing, global awareness, demand generation, strategic events and communications for Eagle.View Profile