LAKE SUCCESS, N.Y.,
Oct. 2, 2017 /PRNewswire/ -- A
new report released by Broadridge Financial Solutions, Inc.
(NYSE:BR) based on research by Greenwich Associates, examines the
impact that cloud computing, artificial intelligence (AI), and
distributed ledger technology will have in driving new revenue and
cost savings opportunities for capital markets firms. While the
opportunity to leverage these technologies to improve business is
clear, these financial institutions are concerned that they don't
have sufficient resources and expertise to realize the full
potential of these disruptive capabilities.
The report "Pathways to Profit: Leveraging Next Generation
Technology to Drive Profitable Growth" reveals the top priorities
of capital markets firms and their biggest pain points. While new
technology has the potential to drive opportunities for new sources
of revenue and cost savings, financial institutions are challenged
to invest and find the expertise to realize the full potential of
disruptive capabilities. A partnership approach to mutualize
non-differentiating functions and to accelerate innovation and
adoption of new technology will put firms on a strong pathway to
profit.
Such efforts include partnering with third-party
software-as-a-service (SaaS) providers to take full advantage of
cloud capabilities, utilizing the scale of fintech partners to
effectively deploy AI, machine learning, and robotics, working with
third parties who can bring deep distributed ledger technology
experience to drive adoption, and collaborating with industry
partners who can create new networks that bring value to all
participants.
"While banks are poised to benefit from rising interest rates,
stronger economic conditions, growing profits, and buoyant stock
markets, leading firms are establishing partnerships with
technology specialists to enhance their operational infrastructure
and secure their future," said Tim
Gokey, President and Chief Operating Officer of Broadridge.
"These fintech providers offer an important resource to banks,
providing knowledge in areas where these institutions are resource
constrained and enabling them to focus on ways to augment their own
unique business offerings."
The report surveyed key executives at 69 capital markets firms
to learn more about their strategies to grow revenues while
improving efficiency. Many of these firms are still struggling to
achieve a return on equity that is higher than their cost of
capital and are grappling with the costs and challenges of
regulatory compliance and legacy systems nearly a decade after the
financial crisis.
"Beyond the application of these new technologies, working with
industry partners can drive new networks that bring value to all
participants," said Charlie
Marchesani, President of Global Technology and Operations
(GTO) at Broadridge. "New examples include accelerating securities
settlement for interested parties to new modes to trade illiquid
fixed-income securities to opportunities to drive efficiencies for
buy-side to sell side reconciliation, these advances are taking
shape and have the potential to create significant benefits."
Other key insights from the report include:
- AI, machine learning and robotics will have a tangible impact
on the industry within three years, and early adopters are already
making investments in this area.
- Capital markets firms are adopting cloud technology at a
different pace, depending on their respective business needs and
the size and complexity of each firm.
- Better understanding and leveraging of internal customer data
for capital markets firms will significantly improve marketing and
sales opportunities as well as the client experience
To download the report or learn more click here.
About Broadridge
Broadridge Financial Solutions, Inc. (NYSE:BR) a global fintech
leader with more than $4 billion in
annual revenue, provides investor communications and
technology-driven solutions for broker-dealers, banks, mutual funds
and corporate issuers globally. Broadridge's investor
communications, securities processing and managed services
solutions help clients reduce their capital investments in
operations infrastructure, allowing them to increase their focus on
core business activities. With over 50 years of experience,
Broadridge's infrastructure underpins proxy voting services for
over 90 percent of public companies and mutual funds in
North America, and processes more
than $5 trillion in fixed income and
equity trades per day. Broadridge employs approximately 10,000
full-time associates in 16 countries.
Contact Information:
Media:
Gregg Rosenberg
Corporate Communications
+ 212-918-6966
gregg.rosenberg@broadridge.com
Brett Philbin
Edelman
+1 212-704-8263
brett.philbin@edelman.com
Investors:
W. Edings Thibault
Head of Investor Relations
+1 516-472-5129
edings.thibault@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.