Legacy tech and poor data quality are biggest hurdles – Broadridge survey

Rick Steves

“We hear from clients and the survey findings highlight how firms are overwhelmed with the amount of data and limited in how to use it.”

A survey conducted by Broadridge at the recent SIFMA Operations Conference in May 2022 found that investing in technology to better optimize data and modernize data management are the top priorities for financial services firms.

The research, compiled from a survey of 200 financial services professionals, found that from the 98% of respondents’ companies investing in their front-to-back-office workflow management, more than one-quarter (27%) cite data management tools as their firm’s priority investment, followed by AI and automation (23%), more human capital (13%), cloud-native capabilities (10%) for uniformity, and blockchain technologies (8%).

Legacy and poor data quality are major hurdles

The report concluded that legacy or outdated technology stands out as the biggest hurdle that firms face (27%), followed by poor data quality (23%). Nearly one-fifth (19%) say they’re experiencing an inability to quickly test, onboard, validate or maintain datasets.

Vijay Mayadas, President of Capital Markets at Broadridge, said: “In today’s rapidly evolving world, an optimized workflow is crucial and good clean data is key. And yet, firms are drowning in the complexity of managing and simplifying data without the technology and digital infrastructures in place to support its management, stifling transparency, agility, and growth.”

“We hear from clients and the survey findings highlight how firms are overwhelmed with the amount of data and limited in how to use it. By assessing one’s tech stack and partnering with trusted providers, firms have the opportunity to maximize the capability of their data and improve their workflow management.”

The research found that more than half of the attendees (57%) confirmed their firms still have progress to make before they reach the advanced stages of their innovation and technology efforts.

Broadridge promoted Tyler Derr to CTO

Broadridge Financial Solutions has recently appointed Tyler Derr as Chief Technology Officer. He will be guiding the firm’s delivery of SaaS offerings and oversee its global technology teams, including enterprise-wide software engineering, product delivery, architecture, infrastructure, cybersecurity, and technology operations.

Derr has been with Broadridge for 10 years as CTO and later Chief Administrative Officer for Broadridge’s Global Technology and Operations (GTO) business.

Most recently, he has focused on Broadridge’s industry-leading wealth initiative. Prior to joining Broadridge, Mr. Derr worked at Oppenheimer, as the CTO for the global tax business of H&R Block, and in private equity.

Tyler Derr was appointed as CTO to replace John Hogan who requested to transition to a new leadership role after eight years on the job. Hogan will continue his firmwide roles on Risk and Capital Committees and oversee Broadridge’s India Operations reporting to CEO Tim Gokey.

Read this next

Digital Assets

Midas launches investment strategies for the ‘crypto winter’

Midas.Investments has released three new investment strategies on its custodial CeDeFi platform, creating new opportunities during the ‘crypto winter’.   The platform merges diverse approaches to digital asset management into single-click products to let investors gain steady profits in any market conditions — including the ongoing bear market. a custodial CeDeFi platform, CeDeFi: Unlocking the […]

Digital Assets

Bitcoin.com Wallet adds several ERC-20 tokens

The product expansion includes representatives of the DeFi world, the Metaverse, and the largest stablecoins.

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.

<