This unique time in our history has presented a lot of challenges ranging from financial volatility to personal life disruption, to avoiding illness and dealing with mandatory remote working.
The time for change is now
As we all watch everything available on Netflix, I came across a quote in a war film from Winston Churchill:
This way of thinking is what everyone needs in a time of crisis and presents an opportunity to succeed and move forward in a better way than the past. We all know the financial industry has been lagging in its ability to keep up with technology which is disrupting the marketplace. Everyone is frustrated that personal technology solutions are more advanced than the tools being used in the workplace.
The key challenges facing asset managers and hedge funds, and the vendors trying to help
Large vendors such as Microsoft, CISCO, Bloomberg, State Street, Rifinitiv, and others have all been trying to tackle the need to transform the investment workflow within buy-side firms. Alongside these large vendors new FinTech startups like OpenFin, Limina, and Magtia have joined the larger ecosystem of vendors to solve the following 4 key challenges facing asset managers & hedge funds:
- Market Data – transparency, licensing, and governance
- Cyber Security – two-factor authentication and zero trust frameworks
- Regulations – financial (MiFID) and personal data protection (GDPR)
- Openness – open APIs, standardised security identifiers, and vendor collaboration
Embracing workflows in the cloud
In this whitepaper, I will discuss how an asset manager or hedge fund can tackle these 4 challenges today with a cloud services-based strategy. The whitepaper covers the 4 challenges under three broad topics:
- Don’t be afraid of cloud services – ‘The New Normal’
- Security is stronger within the cloud
- Critical apps can reside in the cloud
Have the courage to change and remember that success is not final and failure is not fatal.