Asset Managers Remain in Early Stages of Adopting Disruptive Technologies, Accenture Report Finds
While 95% of asset managers in North America believe that their technology, data and digital capabilities will be competitive differentiators by 2025, many remain in the early stages of adopting disruptive technologies, including artificial intelligence (AI) and cloud, according to a new report from Accenture (NYSE: ACN).
The report — “Inventing the Future of Asset Management” — is based on a survey of 250 senior asset-management executives in North America and includes respondents from 17 of the 25 largest asset managers globally. It notes that while cloud-native technology could provide asset managers with numerous benefits — helping them scale their businesses rapidly, lower costs, improve the customer experience and gain better access to data — only 8% of those surveyed have completed their cloud journeys.
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Asset-management firms are also in the nascent stages of adopting AI – less than one-third (28%) are experimenting with the technology, 38% are deploying it across targeted business groups, and just 17% are in the more advanced stage of scaling AI across their organizations. Properly harnessing and applying AI will be critical for product development, alpha generation and delivering a differentiated customer experience, according to the report.
The report notes that asset managers’ product strategies are evolving faster than their ability to operationally adapt, putting pressure on firms to implement more flexible and scalable operations and technology. For instance, more than four in five (85%) asset managers believe they need to radically restructure and redefine their investment operations to focus more on competitive differentiators, including performance, client experience, and breadth of offerings.
“While asset managers are confident about reaching their strategic visions by 2025, operationally there’s a lot they need to achieve before that can happen,” said Mike Kerrigan, who leads Accenture’s North America Asset Management industry group. “Asset managers need to reimagine their operations; embrace cloud, AI, and data analytics to reduce costs; and, more importantly, create greater agility across their operating model and platform architecture. Getting there won’t happen overnight, so aligning capital investment, vendor partnerships and internal talent will be critical.”