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“We hear from customers and the survey findings indicate that companies are overwhelmed with data and how to use it.”
Research conducted by Broadridge at the recent SIFMA Operations Conference in May 2022 found that investing in technology to better leverage data and modernize data management are top priorities for financial services firms.
The survey, which was compiled from a survey of 200 financial services professionals, found that 98% of respondents cited data management tools as more than a quarter (27%) of companies investing in front-to-back-office workflow management. Their organization’s investment priorities are, followed by AI and automation (23%), additional human capital (13%), cloud-native capabilities (10%) for consistency, and blockchain technologies (8%).
The report concluded that old or outdated technology is the biggest obstacle facing companies (27%), followed by poor data quality (23%). Nearly a fifth (19%) say they are experiencing an inability to rapidly test, onboard, validate or maintain data sets.
Vijay Mayadas, president of Capital Markets at Broadridge, said: “In today’s fast-paced world, streamlined workflow is critical and good, clean data is key. However, companies are drowning in the complexity of managing and simplifying data without the technologies and digital infrastructure to support leadership, transparency, efficiency and growth.
“We hear from customers and the survey findings highlight how companies are overwhelmed with data and how they use it. By evaluating one’s technology stack and partnering with trusted vendors, companies have the opportunity to maximize their data and improve their workflow management.”
The survey found that more than half (57%) of their companies found that innovation and technology efforts are still a step ahead of their peak.
Broadridge Financial Solutions recently appointed Tyler Dern as Chief Technology Officer. He will lead the delivery of the company’s 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 General Manager of Broadridge’s Global Technology and Operations (GTO) business.
Most recently, he focused on Broadridge’s industry-leading wealth initiative. Prior to joining Broadridge, Mr. Derr worked at Oppenheimer, as CTO for global tax business H&R Block, and in private equity.
Tyler Derr has been named CTO to replace John Hogan, who has asked to move into a new leadership role after eight years on the job. Hogan will continue his strong role on the risk and capital committees and oversee Broadridge’s India operations reporting to CEO Tim Gokey.
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