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  • Setting your D (digital) Day date

    Let’s assume that you ‘get’ digital—that the idea of using intelligent workflows to run a more efficient business is one which appeals. Let’s also assume that right now moving from hands-on to hands-off working is not an option. Every firm has its own reasons for kicking digital into the long grass. It may be for example, that your current IT and modus operandi, though far from ideal, at least get you from A to B, which is OK if that’s all you want or expect.

    Viable today, but for how long?

    Staying with the tried and tested is acceptable, providing the status quo prevails elsewhere. But it isn’t and it won’t. Markets, attitudes and expectations are on the move. To participate in the race, you must be agile, responsive and flexible. Occasional inaccuracies and oversights will not be forgiven. Your problems are not those of your clients and ‘yes’ is the only word they want to hear. That’s why the old ways of working, become less viable by the day. Just to compete, never mind grow AUM, or stay on the right side of the regulator, you’re going to have to move to digital. The big question is, when?

    Even if bringing your technology and working practices up to speed is not an immediate priority, deciding when to begin the process should be. Early 2018? In six months? A year? To establish your ‘D’ Day date involves a little groundwork; it does not entail making an immediate commitment to an entire core operating system. Some of the issues in the D-Day preparatory process, include:

    • Gaining the support of the board for the transition
    • Updating the business plan and ensuring that it includes a strategy for technology
    • Bringing key people up to speed on the role of fintech in wealth management
    • Consider deployment options: in house or managed service?
    • Would a gradual transition to digital be more suitable than an all-at-once approach?
    • Identifying software vendors who have a track record, financial substance and are prepared to invest in their products

    There are other points to be considered; it depends on where you see your business going in the next 10 years. What is for certain, is that digitisation is an inevitability for all financial institutions and that your D-Day should come sooner, rather than later.

    John Blackman - Chief Executive Officer - JHC