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Data Cloud – bridging the data gap

A summary from our output paper on our WealthTech Matters – The business event with Owen James

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by Owen James Group
| 29/02/2024 09:30:00

The WealthTech Matters event series, is an annual celebration of the wealth management industry and its technological advancements. We collaborate with Owen James to create an event to address that year’s trends involving the adviser, the client, and the business operations.

This article summarises the key ideas from the second panel, ‘Data Cloud – bridging the data gap,’ featuring George Koshy, Product Solutions Manager at SEI, and Edward Blake, Chief Technology Officer at Waverton Investment Management. It looked into the need to manage data in more depth, citing the need to control it, have accessible data sources, and balance the risks of dealing with third-party providers. In combination, these point to the need for an innovative data strategy that encompasses security and quality of data.

Missed the event? Access our full summary paper here!

This session examined how Waverton Investment Management has transformed its sources and manages data online via SEI’s data Cloud platform. The discussion focused on the need for control over data, bringing it to one central place and then deriving value from it – such as improving client experience with Artificial Intelligence (AI).

Waverton had been dealing with several legacy systems that were not very communicative with each other. After partnering with SEI, the firm kept the best bits of its existing technology stack but brought in SEI’s data Cloud, powered by Snowflake. This allowed the firm to perform its own data queries as required, as well as benefit from a change notification layer to identify changes to data almost immediately and react to clients’ needs or those of their internal colleagues.

The goal was to make the data more meaningful and manageable and reduce the complexity of the tables used. Waverton has since improved efficiencies, and abstraction layers have also been built so that users only see the data relevant to them.

One of the biggest benefits was bringing data onto the Cloud, particularly given the large volumes involved. Indeed, doing so allowed for creating a data dashboard, which means that the same data is available to everyone – a sample use case is KYC, where maintaining one KYC record per customer becomes possible.

Data quality was also discussed. It is firmly seen as everyone’s responsibility - frontline input is the starting point, and there needs to be a clear appreciation of the downstream effects of poor data.

You can access the full output paper here

If you want to participate in the next WealthTech Matters, you can access Owen James Event’s calendar here.

About WealthTech Matters
Owen James and The Wealth Mosaic have collaborated to create a series of triannual events for key decision-makers from the private wealth industry.

Technology is core to the future wealth management model, but in an increasingly specialist technology environment, wealth managers must engage with a deeper knowledge and understanding of what technology is available and can deliver across the three main areas of their business: their clients, their advisers and staff and their business processes. 

WealthTech Matters focuses on these three themes to help delegates discover and discuss the technology solutions that will solve the key challenges facing their business.

About Owen James
Owen James seeks to provide a platform for strategic engagement: an opportunity for key individuals to discuss and understand the business and investment issues which are affecting the whole of their industry. The end game is to enable firms to do better business - commercially, intelligently, and ethically.

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