Walk us through some of the innovations digital ecosystems have helped bring about , particularly in terms of evolving legacy infrastructures .
Jamil Jiva : The focus on data – quantity , quality and openness – that digital ecosystems foster has helped to modernise the legacy infrastructures that too often throttle efficiency and thwart customercentric service delivery .
For example , asset management firms can use APIs to integrate realtime market data and analytical tools into portfolio management systems , providing up-to-date information for dynamic decision-making .
By interfacing directly with data providers and internal systems through APIs , these platforms can automate many of the labour-intensive processes traditionally associated with data collection and analysis , significantly reducing the potential for human error and increasing the speed of response to market changes .
Moreover , integrating machine learning algorithms through APIs enables more sophisticated risk assessment models and investment strategies , tailored to the nuanced needs of individual portfolios . These technologies facilitate advanced scenario analysis and stress testing , enhancing the predictive capabilities of asset managers regarding portfolio performance under various market conditions .
Integrating into digital ecosystems not only streamlines operations but also makes asset management firms well-placed to rapidly adapt to new technologies and regulatory requirements without overhauling their core systems . This approach reduces both costs and operational disruptions , ensuring that firms remain competitive in a fast-evolving financial landscape .
Richard Butler : When you purchase a Sky package you will find that it often includes a Netflix subscription and the ability to rent films on an ad-hoc basis – all of which are managed and paid for via the Sky subscription .
Similarly , the technology platforms and the financial institutions operate as a seamless ecosystem to create value for the customer that was not previously possible . For example , digital ecosystems have allowed financial services to be seamlessly embedded into non-financial consumer experiences .
Outside of financial services , companies such as Uber , Airbnb
74 July 2024