Legacy tech and poor data quality are biggest hurdles – Broadridge survey
“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The report concluded that legacy or outdated technology stands out as the biggest hurdle that firms face (27%), followed by poor data quality (23%).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.