Avaloq, the global provider of digital banking and WealthTech solutions, has revealed new findings that show UK wealth managers are overwhelming themselves by relying on an excessive number of technology systems.
According to the study, one in three (33%) UK wealth managers now use 10 or more systems in their daily work, with 86% relying on four or more. This complexity is directly contributing to operational hurdles, with a third (33%) struggling to find the information they need and 44% reporting that their systems are outdated.
The research also showed significant challenges linked to fragmented technology. UK respondents said systems take too long to learn (38%), that data availability across platforms is inconsistent (53%), and that they must use too many systems to complete a single task (53%). Wealth managers additionally highlighted issues such as unnecessary functionalities (49%) and unclear or unintuitive navigation (53%).
Globally, the picture is similar but slightly less pronounced. Around a quarter (24%) of wealth managers worldwide use 10 or more systems, while 87% rely on at least four. Nearly two fifths (38%) struggle to find information, and 40% view their systems as outdated. Similar pain points emerged internationally, including inconsistent data (47%), system overload (48%), and technology learning burdens (38%).
Suman Rao, managing director for the UK and Ireland at Avaloq, said, “Wealth managers in the UK and around the world are relying on too many different, outdated technology systems and that is creating a lot of extra work. These inefficiencies impact wealth managers’ ability to serve clients efficiently. They need to adopt a more unified approach focused on one integrated system that can streamline processes, improve data access and support them in their day-to-day roles.
“By consolidating technology into a single platform, wealth managers can reduce complexity and gain a clearer view of client data. This will not only improve efficiency and accuracy but also free up valuable time to focus on building stronger relationships and delivering a better client experience.”
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