Five steps to implement new technologies in asset management

Everyone has heard that today’s technology drives companies into the future. And it must be said: technological development is accelerating and does not seem to be slowing down at all. Hundreds of success stories later, companies are still asking for massive improvements. To maintain your competitive position in a market, you must constantly automate.

Asset management has many areas that can be technologically upgraded. However, if you are making a major change in a business, do not forget that implementing new technology is like putting together a perfectly appropriate puzzle piece: good when it fits alone, but even better when it fits into the larger one. picture. In other words: Make sure the improvement also fits your business.

The good news is that Dominik Łyżwa, senior corporate consultant at Comarch, summarizes the implementation process in five steps in this article. Łyżwa is a specialist in wealth and asset management platforms. Finance and capital market is the common thread throughout his professional career, he can also draw on relevant experience on both the purchasing and sales side.

Make AI your best friend

Use the unknown potential of AI to your advantage. A computer can predict and analyze problems in ways that the human brain can not even imagine. You may not fully understand AI, but you can use it to your advantage, for example with questions about your company’s products. Are you struggling with questions like ‘In what asset class should I invest?’ or ‘Is this a good product in these market conditions?’, then you give AI the relevant data, and your doubts will – at least in part – be allayed.

There are dozens of reports on AI technology in the financial world. You have probably seen many of them reviewed. However, it is crucial to really use all that information and put it into practice. First and foremost, map out the issues in your organization. Some of it can probably be solved with a complex data analysis. If so, make AI your best friend.

Build an algorithm

A good result requires some effort. The scope of AI is extremely wide, which means that the machine must be controlled. This is exactly where the pitfall lies. To get the best results, you need to build a custom algorithm that is tailored to the exact needs of your organization.

The whole construction process of this algorithm should revolve around your company’s products and data. Here a lot of knots have to be cut, which can be quite a challenge. For this step, you need to engage a team of professionals who will support you throughout the process.

Do not hesitate to use AI

The results and opportunities may well exceed your expectations. Use the custom algorithm as intended after designing it. AI will make surprisingly accurate connections. However, you should not lose two points of sight.

Trust the system: In the beginning, it is not easy to trust the results of your algorithm, because usually you only get results. The algorithm may be explained, but that explanation is not as detailed as you might expect. Using an algorithm means that you also have to trust it, even when the stakes are sky high.

Understanding the system: Understanding your algorithm means analyzing results from different perspectives and use cases. The more time you invest in the analysis, the easier it will be to trust the result.

Help your customers as soon as possible

After step three, it’s a breeze. Or not? In a world of asset management, it is crucial to present an offer in crystal clear and detailed. Use your proven tool to help your customers as soon as you get your hands on it.

You can apply it in different ways depending on the type of problem you are trying to solve. However, one thing is clear: for your customers, it does not matter who solves the problem, as long as the problem is solved.

What do I mean by that? Phrases like “AI” or “machine learning” can give you a marketing boost, but in the end, your customers need to be happy. So apply new technology carefully and imagine its benefits.

Give your tool a place in the existing process

What is Christmas on the cake now? Since you have a turnkey solution, you can now integrate it into the existing asset management process. Ensure a hassle-free implementation so that the solution creates more order and does not create chaos.

Do not forget the workflows of your employees. Maybe they can also reap the benefits of the new technology? You can help your RMs and advisors surprisingly often with one and the same tool. They’re your ‘first customers’, aren’t they?

Organizations and situations may be different, but the 5 steps above are almost universal. The pace at which companies are rolling out new technologies can seem daunting, but take your time with each step. Remember that quality is the most important factor, because the technology you implement now will keep you going for a long time – even if some upgrades are needed in the future.

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