iress.com 1 The Death of Legacy? iress.com Andrew Foster - Executive General Manager for Private Wealth March 2017
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iress.com 1
The Deathof Legacy?
iress.com
Andrew Foster - Executive General Manager for Private Wealth
March 2017
iress.com 2
Account openingReporting
Brand & reputation
Digital
Accessto markets
Robo
Excel
SQL
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Where are your legacy issues?
50%
17%
30%
Legacy is not just back office
- it’s ‘all office’ (front, middle and back)…
Back office Middle office Front office
Compeer & IRESS research 2017 - The Death of Legacy?
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%of firms envisage growing assets
under management between
30% to 90% in the next 5 years
Source - Compeer Compliance report 2016
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Top challenges over the next three years?
2%
How are you going to achieve this
growth alongside other priority challenges?
Disruptive
innovators
35%
23%
33%
7%
Regulation NewTechnologies
Legacysystems
Other
Compeer & IRESS research 2017 - The Death of Legacy?
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Over halfof Wealth Management firms say their
senior management spend up to 40%
of their time on compliance
Source - Compeer Compliance report 2016
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Something has to changein order to achieve this growth
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• Changing demographics
• Digital expectation
• Trust and security
• Channel preferences
• Advice v. guidance
• Omni-channel experience
• Differentiation by segment
• Restoration of Trust
• Suitability
• Price / cost transparency
• Flexibility
• Ageing and complex
legacy systems
• Under investment
• Consolidation
• Info sec
• New models
• Insource v outsource
• Innovation
• Greater use of data
e.g. pension dashboard
/ banking APIs
• Entry of tech players
to market
• Increased intrusion
• MIFID II
• FAMR
• Common Reporting
Standards
• Senior Managers Regime
• Pensions Freedoms
• FATCA
• CRD IV
• RDR - fee transparency
and sunset clause
• Data protection regulation
Change in the UK Wealth Market
Client expectations Regulation change Technology driven
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Top three factors influencing IT system change
1 Lack of scalability
2 Increased efficiency
3 Decreasing business risk
Compeer & IRESS research 2017 - The Death of Legacy?
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Top three factors influencing IT system change
The big question is how?
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essentialsfor building a scalable technology platform
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Think strategically• It’s not about plugging gaps and
automating manual processes
• Don’t build your next legacy system
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Put client centricityat the heart ofeverything you do Make it feel bespoke but delivered
in a controlled and cost-effective manner
14
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Account for the opportunity costof not building a scalable model ‘Old and reliable’ but...
15
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Eliminateoperational andstrategic misalignment
Get real! - create a technology framework
that can support your strategy
16
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People vs and robots
17
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Thank you
@iressuk iress.com
#jointhemovement
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