Stay up-to-date withflow newsbites>
Choose your preferred banking topics and we will send you updated emails based on your selection
Ludbrook explained that the current environment has given Securities Services an opportunity to reflect on where the industry was, where it is now and where it is going – and that the crisis highlights the need for data and technology to protect, scale and streamline, people to invigorate processes, and partnerships to pioneer the next set of solutions.
Half of those polled on the webinar suggested that the area of operations and technology is where the effect of the Covid-19 pandemic has been felt most strongly as firms manage through the day-to-day impact. Here, the industry has pivoted towards getting the nuts and bolts right to ensure resilience and stability, accelerating the digitalisation agenda to streamline paper-based processes. “With the crisis precipitating home working across various locations around the world, we have invoked digital tools such as electronic signatures, transparency around flows, data reporting and lifecycle transparency,” said Ludbrook.
With Covid-19 accelerating the digitalisation agenda, operating and business models will change as the way people execute tasks or the technology they use evolves, she added. “AI, data and DLT will be crucial for future transparency around data and people being able to self-service”.
Data was, of course, already a key area of focus yet it is rising further up the agenda. SimCorp’s Alan Copping outlined how they are seeing increased demand for access to data and questions about how this can better service firms: “Given market volatility, firms will want to see their portfolio and positions and the key question is: how to get data out to them quickly and efficiently from a centralised and validated place?” At the heart of the answer is increased automation of data management.