Fax machines remain ‘backbone’ of UK asset management operations

62% of UK Asset Managers Still Stuck in the Past Using Fax Machines | Financial IT

Calastone, the largest global funds network, has released its Global Funds Automation Report, revealing that manual processes and antiquated technology like fax machines remain the backbone of many asset managers’ operations, despite the industry’s desire to transform.

financialit.net

In a delightful twist of technological nostalgia, a whopping 62% of UK asset managers are still using fax machines, according to a Global Funds Automation Report by Calastone, the largest global funds network.

This report, featured in Financial IT, reveals that despite the industry’s desire to transform, antiquated technology and manual processes remain the backbone of many asset managers’ operations. One particularly amusing anecdote from the report is that only 41% of UK asset managers believe their organization to be mostly or fully automated, revealing a stark gap in the perception of automation.

The report also highlights a quote that captures the essence of the issue:

In this new era of frictionless fund management, automation, immediacy and personalisation will be at the forefront of the investor experience and the inefficiencies associated with manual processes will not be acceptable to many – especially with a new generation of tech-first investors entering the space.

So, next time you’re considering asset management options, spare a thought for the trusty fax machine, diligently whirring away in the back office. It seems that in the world of UK asset management, the old adage holds true: if it ain’t broke, don’t fix it!