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Technologies are offering asset management firms with effective tools. The industry leaves no stone unturned to make the most of it.
FREMONT, CA: As reported in PwC's 2017 global survey, 65 percent firms in the asset management sector said that technology would reshape and impact competition. The study indicates how significant the upcoming changes in the industry will be in light of evolving technologies. The organizations in this industry help with investment and disinvestment decisions of their clients by studying market trends and predicting market behavior along with assisting clients in managing regulatory compliance. Let us have a look at which advancing technologies, which assist asset managers in providing better services.
• Big Data Analytics
The organizations in the sector offer services that are dependent on data-based decision making. Things like mutual funds and equity management depend on analyzing a massive amount of data. Big data tools can prove to be extremely useful if included in the decision-making process. With bid data to assist decision making, vast amounts of organized and unorganized data can be analyzed within short durations. The analysis will help the firms determine the value, the risks, and the probabilities of making gains concerning certain assets. This will be a big push towards making client assets profitable and well managed.
Every asset management firm can bet on blockchain technology as being indispensable. Blockchain technology allows for efficient, immutable, and safe transactions, which is particularly advantageous in the handling of finances. Because of the security the blockchain technology offers, it is going to make it easy for asset management firms to get guaranteed regulatory compliance. Regulatory compliance is a major challenge that blockchain has the power to overcome. The decentralized nature of transaction records ensures transparency and speed in the blockchain.
• Artificial Intelligence (AI)
Artificial Intelligence is one biggest disruptive technologies and is proving to be effective in helping the asset managers perform to their potential. Together with big data, artificial intelligence offers asset management firms descriptive insights into the analyzed data. By considering specific indicators, it also offers probable solutions and prescribes steps that asset management firms can take to ensure better performance of assets. Chatbots or automated customer services are another application of artificial intelligence that assists customers with investment related advice, reducing dependence on human counterparts.
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The advancing technologies mentioned above are successfully disrupting usual business practices in asset management firms and can steer them to a lane of rapid growth.