Komfie Manalo, Opalesque Asia:
Global audit, tax and advisory firm KPMG said that increasing and more sophisticated customer demands as well as new technologies are forcing asset managers to change business models to improve productivity and better leverage financial resources.
In a survey of executives from more than 900 asset management firms and other U.S.-based companies, KPMG found a new alliance between CFOs and CIOs.
"With the changing customer dynamic, CFOs and CIOs want the most strategic technologies to better manage the back office and the broader workforce in order to maintain margins in product or service delivery," said Stephen G. Hasty, a KPMG partner and U.S. Innovation Leader for Advisory, who leads the firm's Transformation initiative.
"Technology that is geared to help drive performance in support of a customer-centric focus is taking center stage," Hasty added.
At least 33% of those polled cited customer demand as the biggest factor in changing their business model, while technology and domestic competition were tied for second (30% each).
63% of respondents confirmed that their companies are either in the process, or have completed transforming their busi......................
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