How Asset Managers Get IT Fit for the Future: Survey Results and DataArt Expert Comments

Asset management, an industry famous for its inherent conservatism, is stepping up its technological innovation and reshaping the competitive landscape. The extent to which asset managers depend on custom software and emerging technologies to support their competitive advantage, and the value they see in a reliable technology partner, allows asset management firms to remain up to date with the new reality on the global market.
2 min read
10/21/21
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How Asset Managers Get IT Fit for the Future: Survey Results and DataArt Expert Comments

Despite the pandemic-caused financial crisis, the asset management industry has remained strong and even continued to grow. The world’s largest asset management region, North America, delivered a year of double-digit growth in 2020, while Europe, Asia-Pacific, the Middle East, and Africa kept pace with 10, 11, and 12% growth, respectively.

Notwithstanding flat profitability rates across the board, the pandemic brought both threats and opportunities for all industry players. We interviewed asset managers about the state of custom software and emerging technologies in their business and found out how firms are adapting to the challenges of the new reality. Below, we present the survey results, along with comments from DataArt experts in asset management.

Key Findings:

  • 86% of asset managers who took part in the survey rely on custom software, or a blend of custom and packaged solutions, in their operations. To enter the market quicker and obtain a competitive advantage, companies customize packaged solutions, so it fits their unique workflows.
  • Asset management firms no longer expect packaged solutions to serve their needs for decades. Expertise in «smart» integration (and disintegration) of packaged apps is a key competence asset managers look for when choosing an IT services vendor.
  • Domain-specific expertise and community of culture and business goals are other difference makers that asset managers value in their IT services vendors.
  • More than 80% of asset managers we surveyed are equipped with working data, BI and analytics tools and technologies. A small cohort of companies, however, is actively investing in advancing existing analytics setups in a quest to become truly data driven.
  • When adopting cloud technologies, the key factors asset managers appreciate about the new infrastructure are improved scalability and increased agility/time-to-market.
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