UK investment association publishes fintech collaboration guidance
Where to start with fintech integration, how can it be helpful to the business and how to implement it ? Here are three of the questions that UK's Investment Association tries to answer for British asset managers in its newly published guide.
The guide,‘Best Practice for FinTech Engagement’, is written by the Engine Advisory Panel of industry tech and digital experts from the IA’s Engine Fintech hub. The initiative has been initiated by Graham Kellen, chief technology officer at Schroders Personal Wealth and former chairman of the Engine Advisory Panel.
The guide encompasses recommendations on the following areas: organisational readiness for being able to consider engagement with fintechs; scouting out and assessing fintech solutions; pitfalls to avoid in fintech collaborations; intellectual property considerations; the fitting of tech solutions for investment management.
Gillian Painter, head of membership and the Engine at the Investment Association, said: “For too long the investment management industry has been a laggard at adopting the new technologies of tomorrow. But in the face of consistent margin pressure, increasingly sophisticated client expectations and rapid digitalisation in response to COVID-19, it is now more important than ever that we identify hot spots for automation and develop effective processes to ensure the latest technologies are utilised to their full potential.”