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Cloud Adoption has Accelerated for Wealth Managers

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26 July 2023
Ashley Longabaugh

Celent WM IT Spend Survey Findings

Celent's WM IT Spending Survey revealed that "scaling operations" is a top priority for wealth managers. The top 3 technology priorities for 2023 include: RPA/workflow automation, advanced data analytics and ML, and migration to public cloud services. A close 4th was AI and NLP. These findings are of little surprise considering that firms are trying to establish a more agile enterprise (The Results are In: Celent’s IT Spend Survey Analyzes Top Priorities for Global Wealth Managers | Celent).

Cloud has traditionally been viewed as a tool to reduce infrastructure costs, but today, firms are applying cloud services in a more strategic way. Firms are increasingly applying new architectural patterns, ones that enable more frequent (software) application releases, as well as simplifying integration between systems and partners. The nagging challenge for these wealth management firms continues to be making the necessary organizational and skill adjustments required to gain the most benefit from cloud technologies so that they can unlock the full potential from cloud technology.

The need to better integrate data, simplify the deployment of machine learning models, and better adjust infrastructure capacity to elastically scale with demand — are becoming increasingly important as wealth management firms seek to optimize how they apply artificial intelligence to investment decisions. The challenge for many is identifying, curating, and utilizing the data needed to scale artificial intelligence algorithms to mainstay operational functions.

In addition to cloud increasing automation, mobility of workloads, and investment in cloud services, key trends, as well as challenges to adoption, are shown below:

The full IT spending report provides information on the prioritization of IT investment, including cloud, across functional areas, emerging technologies, products and service capabilities by region and size of enterprise. You can view the Wealth Management webinar: Technology Priorities 2023: Wealth Management | celent.com and report: Wealth Management IT Priorities and Strategy in 2023 | Celent.