According to a joint survey of wealth and asset managers by automated reconciliation firm AutoRek and Worldwide Business Research, 60% of respondents regard reconciliations as the greatest challenge to their organisation.
The survey found CASS [client assets and money] reconciliations would benefit the most from automation, with the FCA reinforcing the importance of protecting client assets during the pandemic. “The pandemic has been an opportunity for businesses to learn about their organisations in a way few would previously have contemplated,” said Murray Campbell, Consultant at AutoRek. “By testing capacities to the maximum, many firms have discovered what they are truly capable of and where they require additional investment and support.”
While automation is a priority for many firms, the survey found a range of specific needs to be addressed depending on size, offering and clientele. Half of firms surveyed plan to develop these internally and half plan to seek the support of an external vendor.
“As the regulatory landscape continues to evolve, it is clear that most, if not all, organisations would benefit from external help – not just in the form of an off-the-shelf technical solutions, but consultative expertise as well,” said Campbell. “Awareness of the availability of appropriate solutions and consultants to introduce automation is a challenge in and of itself.”
The survey drew insights from 100 heads of operations and equivalent from firms across the UK with a range of qualitative and quantitative questions on the future of operational processes, automation and financial regulation.