John Byrne of Information Mosaic explains the role that the firm plays in helping wealth management organisations across Asia tackle the various technology and systems solutions challenges they face.
Date: Mar 2012
For example, over the last five years, he said the firm has incorporated in four markets in the region.
In addition to the current growth in assets, Byrne said he thinks there is an opportunity for a lot of players in Asia to quickly go from a situation of having very little infrastructure on the technology side of their businesses to having state-of-the-art systems. In line with this, there is a great willingness to innovate.
An evolving landscape in Asia
When looking at various opportunities across Asia, Byrne said he sees a lot of desire by the regional banks to try to be the best in their region.
Some of the challenges firms face, however, relate to the fact that many of them are unclear about how to service clients effectively in this new way, said Byrne.
In addition, the number of compliance and regulatory issues are developing very quickly, he added.
To tackle these challenges in the middle and back offices, Byrne said that in Europe, as an example, a number of organisations have decided that they needed to make such a big technology investment that they are instead outsourcing their middle- and back-office processes.
Ultimately, he explained, wealth management firms need to be aware that change is now a constant in terms of reporting and post-trade operations.
In line with this, these areas of the business are going to become vital parts of the proposition to clients. And as a result, firms must not only factor in the systems they have today, but also how these can cope with the significant regulatory changes that are coming from every direction.