It has also highlighted the issues faced by middle and back-office operations which is a widening gap between data infrastructure and operations. In a survey of asset managers covering Canada and other regions conducted by CIBC Mellon, nearly half of respondents said they needed to obtain real-time, high-quality data and aggregate fragmented infrastructure to form a single, centralized source. challenges were faced in doing so.
In order to better serve their customers, management service providers have improved their data capabilities. The software for data management is available in both desktop and mobile versions. Cloud computing, both private and public, is evolving rapidly.
Before the pandemic, many asset managers had begun embracing digitization, and business continuity and resilience had been discussed for a long time. On the other hand, the emergence of COVID-19 has increased the need to adopt and integrate new technology. The urgency was heightened by market volatility and constantly changing conditions.
With the rise of remote work, the drawbacks of relying on manual and paper-based processes were exposed. As a result of the ongoing pandemic, there has been an increase in the desire for social distancing and foresight. Above all, the pandemic underscored the importance of business process flexibility and the kind of agility that allows asset managers to respond to or prevent disasters.