Blockchain technology is likely to be the biggest driver of change in the asset management industry, according to Nikko Asset Management.
Speaking on a panel at the Bloomberg buy-side forum, Nikko Asset Management managing director Sam Hallinan described blockchain as “the new facilitator”, one that is set to drastically improve efficiency in the sector.
“It could be deemed hype, but it could also be the biggest change to asset management in years,” he said.
Blockchain’s capacity to list and reconcile transactions and trades represents a marked shift from traditional methods, which rely on several phonecalls and paperwork, Mr Hallinan said.
“The current method of reconciling trades hasn’t changed in 40 years,” he added.
According to Mr Hallinan, the change to retail market interaction triggered by robo-advice is significant, and he noted that asset managers “need to do better” in order to access younger, tech-savvy markets.
“We need to explore new ways to get close to the customer,” he said.
The majority of financial firms’ risk managers in Australia don’t believe they can adequately assess the risk of disruptive technologies...
The banking sector is set for sweeping change as new technologies – and regulations – change how banks do business. ...
CBA has updated its policy around its digital banking platform, with customers caught sending abusive messages to others via transactions to...