Confluence has released the findings of its 2016 Asset Management Industry Trends survey.

Asset management professionals continue to prioritize back-office automation and managing increased regulatory reporting requirements, according to a survey by Confluence.

The firm noted that back-office automation, as cited by 61 per cent of those polled, has remained the top priority in each of the surveys it has conducted since 2008. Managing increased regulatory reporting requirements (47 per cent) and centralizing fund data (44 per cent) were the second and third most cited goals in this year’s survey.

In other findings, nearly all respondents reported being concerned about manual processes and spreadsheets affecting the ability to control errors (91 per cent) and costs (81 per cent), Confluence noted. It said this year’s survey also revealed that the industry is increasingly focused on centralizing fund data, with nearly three-quarters of respondents (71 per cent) saying that it is important to centralize data into a common database - up from 50 per cent in 2008. 

Fragmented back-office technology also remains an issue, it added, with 74 per cent saying their firm still depends on multiple systems. With that said, 48 per cent believe that consolidating third-party solutions would benefit their firm, and 57 per cent said consolidation would help to streamline regulatory and investor reporting processes.

“Relying on multiple single-point solutions is especially problematic when it comes to regulatory reporting,” said Todd Moyer, executive vice resident of global business development at Confluence. 

“It is inefficient, introduces the risk of error and makes process automation more challenging. As regulatory reporting pressures increase, data consolidation and process automation will become more important,” Moyer said. “It is imperative that the industry collectively begins to take more significant steps in realizing their goal of automation now.”

The findings are based on 192 online interviews.