Implementing a Financial Technology System

A frequent topic of conversation we have with investment services firms is the importance of implementing a financial technology system. As firms grow, they soon realize that manual processes and managing disparate data sources is no longer a sustainable practice. This reality is especially true for firms undergoing a merger. Although a merger may increase revenue and market share, it introduces additional complexity with integrating technology infrastructures. Here are three key factors to consider when evaluating a financial technology system.

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1. Data Integration for Efficiency and Accuracy

Having all your data in one centralized place brings accuracy and efficiency to a firm’s operations. Data integration technology ensures that your data in good order by aggregating multiple disparate sources and automates the processing of the data. Integrating all data into a centralized system eliminates the need for downloading files and updating spreadsheets manually. Data integration also facilitates the review and approval of payroll in an organized and expedient fashion. Mistakes and errors are easy to spot and correct, freeing the back-office and accounting teams for other business priorities.

Our solution is a comprehensive suite of software and processes that brings cohesion to an entire investment firm, including operations, accounting, compliance, and advisors. This cohesion is made possible by our data integration technology, which aggregates revenue and asset data from industry sources (Pershing, First Clearing, DTCC, etc.) as well as individual client-specific feeds. To further help clients overcome integration challenges, our solution interfaces with client’s systems and vendors extracting and transmitting data. 

2. Growth Necessitates Scalability

Recently, technology giant HP agreed to pay $25 million settlement to salespeople who sued over faulty compensation. The salespeople sued, claiming that HP’s sales commission software, a homegrown, internal system called MyComp, wasn’t tracking commissions accurately and they weren’t getting paid in a timely manner. This unfortunate situation illustrates the drawbacks of building and maintaining homegrown legacy systems, especially their lack of scalability. As organizations grow, so does their advisor teams, back-office staff, and product offerings. An investment services firm should focus on their core competency, which likely is not developing business automation systems and tools. Our financial technology solution is designed with a strong focus on scalability with an architecture that supports our customer’s growth. In a given month, we process 60 million records, of which we manage over 3 million transactions.

3. Strategic Services

A recent study from Fidelity found that 48% of firms outsourced IT/technology; those that do outsource report more growth in both the number of clients and assets under management. Consider the value of partnering with a solution provider that combines best-in-class technology and financial services expertise.
It’s not just data integration and scalability that sets us apart. Our technology is built on a foundation of service and partnership. We help clients improve the effectiveness and efficiency of their investment services program. We have years of experience working with client’s internal systems and processes, and we know how to help them navigate through the policies and procedures that are associated with adopting and integrating new technology. We are committed to making a difference for our clients.

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