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Create A Better Future

Back Office Services – The Importance of Undergoing a Shift

According to a study published by EY, digital technologies, including mobile, analytics, social and cloud, will continue to shape wealth managers' operating models in the years to come. It says that digitizing and automating key processes – from front-office negotiations to middle-and-off-office operations – offers opportunities to generate new business insights and even generate higher returns.

You can know more about back office solutions online.

While these benefits can be derived from the intelligent use of technology, the main reason CFOs invest in technology is the fast pace of change in financial markets as many forces converge, such as: For example, higher customer requirements, tighter regulations, entry into players and markets alternative. change.

For example, in terms of regulatory changes, the United States implemented changes similar to the Dodd-Frank Act, while other territories followed FATCA, MiFID, and CSDR. The SEC also makes adjustments to its policies from time to time and it is critical that the back office system is able to cope with these very significant changes, ensuring accuracy and increasing overall efficiency.

In a 2014 study conducted by Confluence, approximately 94% of asset management professionals expressed concern that manual back-office processes were interfering with their ability to detect and control errors. This weakness could expose companies to a number of risks, including operational, market and regulatory risks, according to Wall Street & Technology.