TPAs and managers looking to outsource fintech 18 August 2017London Reporter: Jenna Lomax
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Global third-party administrators and asset managers are looking to outsource financial technology at an increasing rate, according to Domenic Ionadi, strategic account manager at Confluence.
Ionadi said: “Working with the right fintech partner, [administrators] can help outsource some of their research and development and technology responsibilities more quickly, less painfully, without the need to hire increased staff to maintain and manage the technology.”
He pointed to research conducted by PwC that drew on more than 1,300 respondents globally. Released in April, it found that 82 percent of financial services planned to increase fintech partnerships in the next three to five years.
Ionadi said: “Fintech could be the key to finally overcoming legacy technological problems, as well as customer communication issues.”
“By providing portal and user experience consistency, powered by best-of-breed technology, global third-party administrators can offer a more controlled, secure and efficient process to their clients. This in turn allows them to reduce overall costs internally, while increasing the potential volume of funds and services they can take on.”
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