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The Future Focus Report 2023 is launches this week, our global survey of 120 trust, corporate and fund services providers. Download your copy and let us know what you think. In the meantime, here's some reflections from TrustQuay's Executive Chairman Keith Hale.
Over the past three years, TrustQuay's industry surveys have shown a sector that increasingly recognises the need for transformation and wants to embrace digitalisation, but is struggling to take the initial steps.
Given industry-wide, day to day challenges such as data quality and regulatory burden, it is not a surprise that many firms’ focus is on these front-of-mind issues. As a result, efforts on transformation to enable automation and digitalisation to address significant bigger business issues such as industry consolidation, improving margins and driving growth are being pushed down the agenda.
We can see - and have defined - a clear pathway to realise the benefits of digitalisation. We hope that by mapping out the route, firms will gain greater clarity and confidence on the steps of data consolidation, regulatory compliance, automation and differentiation, where each stage delivers significant benefit.
Digitalisation is definitely coming to the trust, corporate and fund services market – it’s inevitable as it is within any industry. Technology providers such as TrustQuay have a key role to play in guiding firms so that they can realise the full benefits to integration of acquisitions, increased margins and profitability, improved organic growth and ultimately enterprise value that digitalisation and automation brings.