One of the frequently mentioned downsides of disruptive technologies is the distinct possibility that cutting-edge IT could lead to the elimination of staff positions at a trading enterprise, particularly operations personnel.
Despite the possibility of staff cuts, firms should explore disruptive technologies for their cost-cutting benefits, says Richard Anton, senior vice president and chief operating officer (COO) at CIBC Mellon.
Anton oversees the direction of the operations department at CIBC Mellon including client and advisor services, institutional and pension accounting, custody operations, business initiatives and support, cash management, reconciliation and compliance, and pension benefits, according to the firm. He is also responsible for CIBC Mellon’s client integration activities and online client information delivery systems.
“The threat of staff cuts has always been there and will always continue to be there,” Anton says. “I think you need to continuously look at operational models and IT. The reality is that these tools, technologies and strategies will actually help you deliver on some of these constant pressures these organizations have. They really are enablers to help you drive your operating models. The reality is that you really want to get into a proactive model where you’re actually playing with this technology and leveraging this technology early so you’re not having that excessive cost pressure placed on you. You’re continuously looking to drive efficiencies in the overall business model. That allows you to stay ahead of the game as you go through that process.”
FTF News interviewed Anton during the Securities Operations Conference (SecOps) produced by Financial Technologies Forum (FTF) in Toronto this past June. Anton was a keynote speaker at the event, and focused upon “Coping with Digital Disruptions.”
CREDITS:
Video Production: Janene Knox and William J. Poznanski, Jr.
Interview conducted by: Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Eugene Grygo