When TrustQuay conducted a market survey last year it asked businesses to rate themselves in terms of digitalisation. In our previous survey, firm scored themselves 5 out of 10. According to the latest results, this has not changed.
Despite many firms planning to improve their digitalisation, the market has stagnated. This is, in part, due to the lack of available software. First launched in April 2022, TrustQuay Online is ever-growing to suit the needs of the industry while also being cost and time effective to implement.
1. What have TrustQuay identified as the top customer challenges in the current market?
Primarily, we’ve identified how under-served this market continually is in terms of requirements to differentiate their business through a mixture of digital customer-focused software offerings and regulatory support. Through this lack, there is less efficiency in the market as a whole, operational costs are higher than they need to be, and businesses are risking their security and reputation unnecessarily and, sometimes, unknowingly.
Our recently-published Future Focus Report really highlights this, as feedback from the industry shows that, while 9 out of 10 survey respondents believe they will become much more digitalised and automated within the next five years, only 33% have begun their journey to digitalisation. In order for firms to become more digitalised, the software to do so must not only be available, but also suit their unique business requirements.
Read more >> Don’t forget to read our latest Future Focus Report to learn more about industry challenges, based on feedback from your peers.
2. How does TrustQuay aim to tackle these challenges?
TrustQuay Online addresses the core challenges of the market through an innovative Software-as-a-Service (SaaS) solution, which brings TrustQuay’s core expertise to a new market. We offer a lower complexity, lower cost, lower risk, future-proof solution.
The aim is to provide a solution that integrates with the existing business, eliminating the need for expensive infrastructures, which will last for years to come. By working with existing Microsoft functionality and interfaces, TrustQuay Online is also a familiar platform requiring minimal user training. This allows businesses to greatly reduce their time to value.
Between our own continuous development of TrustQuay Online based on market and customer feedback, and our partners contributing to an ever-growing ecosystem, TrustQuay Online is a singular digital platform within which your data can be consolidated for increased efficiency and accuracy, and easier reporting and auditing.
3. Who is TrustQuay Online’s initial target market?
From data gathered from our market survey, TrustQuay know that 70% of the market have plans to deploy SaaS in their business and believe that SaaS may act as a catalyst for digitalisation. Using this knowledge, TrustQuay Online has opened the gates to customers who perhaps traditionally haven’t been able to take class-leading software. This may be due to restrictions around start-up costs, a lack of IT resources or physical space, or the cost and time associated with setting up a hardware infrastructure.
TrustQuay Online is genuinely game-changing, as it breaks the need for a traditional, physical setup, and removes these barriers.
4. What is the long-term vision for TrustQuay Online?
TrustQuay Online offers an easier route to automation and digitalisation for Corporate Services, Trust, and Fund Administrators than ever before. Consequently, we see this product being able to grow to new areas of the market, which have been under-served by software previously.
Simon is Global Head of Product and Marketing at TrustQuay