Fax machines remain 'backbone' of UK asset management operations

Antiquated technology abounds

Almost two-thirds (62%) of UK asset managers have admitted to still using fax machines, as antiquated technology remains the backbone of many of their operations, new research has found.

Lack of automation is continuing to hold back the UK asset management industry, Calastone's Global Funds Automation Report has argued. The report revealed that only 41% of asset managers believed their organisation was mostly or fully automated, meaning there were still many areas that required greater use of technology to prevent unnecessary costs or increase risks. These results clash with the priorities of asset managers, who identified client service (80%), operational cost reduction (75%) and regulation (53%) as key drivers of their automation strategies. SVB collapse sends ...