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Digital Transformation Examples in Asset Management
How to engage customers in the new digital world
Some common traits have emerged as we've worked with asset management firms grappling with digital transformation—or the overhaul of business processes brought on by rapid technology innovation. Firms making this fundamental shift want tighter control of their clients' experiences. To innovate quickly, they're looking outside their own walls for specific user-experience expertise and the capacity to scale. Even the largest firms (with the largest budgets) look to outsource capabilities like portfolio analysis, investment comparisons, or proposal and reporting systems, to power their new experiences. The willingness to think big and an organizational chart that crosses internal business lines are telltale signs that a firm is transforming. We've seen financial services firms rethink their business models, and many are making room for new leaders with titles such as “chief digital officer.” These digital transformation examples reflect what we’ve heard from clients again and again. They want to forge new or better relationships with their clients, stay competitive by bringing products to market faster, and operate more efficiently. Bottom line: Firms that pursue lasting digital transformation go beyond a facelift of their website. They're digging deep and forging a path across the organization, so they can make better use of the resources available and offer a personalized and end-to-end user experience. Learn more about Morningstar APIs, components, and other content services on our developer site or start a conversation with Morningstar about digital transformation. Please see below for important disclosure. Important Disclosure Morningstar Investment Management LLC is a registered investment adviser and subsidiary of Morningstar, Inc. The Morningstar name and logo are registered marks of Morningstar, Inc. Opinions expressed are as of the date indicated; such opinions are subject to change without notice. Morningstar Investment Management and its affiliates shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses or opinions or their use. This commentary is for informational purposes only. The information data, analyses, and opinions presented herein do not constitute investment advice, are provided solely for informational purposes and therefore are not an offer to buy or sell a security. Before making any investment decision, please consider consulting a financial or tax professional regarding your unique situation. Nicolas Owens
Here are three examples of digital transformation that we’ve seen:
Read more about the rapid evolution of investors’ expectations in our paper “Changing Investor Preferences.”
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