In this FTF Exchange Podcast, we speak to OSTTRA’s Neil Murphy and Joakim Stromberg about the need for firms to leverage the technology they need to manage collateral and related operations.
Despite IT advances, many financial services firms still rely on manual processes to manage collateral and related operations because their existing systems were either built internally or procured via a third party and cannot support new levels of automation, says Neil Murphy, triResolve business manager at OSTTRA.
Murphy and Joakim Stromberg, senior director, and head of triResolve Solutions at OSTTRA, recently took part in an FTF Exchange podcast. (OSTTRA is the new home for the influential businesses of MarkitServ, Traiana, TriOptima, and Reset, and is a joint venture between CME Group and S&P Global.)
“They find themselves effectively locked into manual processes even if they want to move on,” Murphy says. “I think this perhaps reflects a wider issue for firms where they’re constrained from improving their processes and adopting new features by a requirement to either build new capability, connect to industry tools, or perform a lengthy upgrade to get access to those new features. They’re kind of held back, I think.”
In his role, Murphy talks to many firms about this issue and notes that among clients there may be a lack of awareness of new developments, a reliance on traditional systems that do not have advanced IT features, a lack of time and budget to improve old processes, reluctance to change, and a belief that they may not need automation.
The podcast also covers
- The biggest business challenge that is pushing firms toward automation;
- The first steps that firms must take to achieve collateral automation;
- How firms have improved their automation levels;
- The next big challenges among clients; and
- the technologies and trends that firms should stay aware of