Citisoft's Steve Young took to FTSE Global Markets to weigh in on large asset management firms' recent trend towards building innovation labs to bring their businesses to the forefront of technological change in the industry. Steve notes that if these labs remain siloed from their parent firms, and there is no true cultural change in the business, the attempts will likely be fruitless.
"Asset managers either need to find a way to stimulate creative thinking as an agent of change within the current operating model, bringing the whole firm on the journey—or change the people assigned with introducing new technologies. Firms cannot achieve this goal through a peripheral, secluded entity—particularly when the perception is that the Innovation Lab has better offices, working conditions and where a more creative attitude prevails."
For Steve's thoughts on where innovation labs could positively change asset management and how firms can get a competitive edge in a quickly innovating industry, read the full article.
