Today, custody is a niche sector operated by a group of specialists, but the required skillset is evolving and will have changed significantly by 2030.
EMBRACING CHANGE
By 2030, custodians will also have embraced cultural change. At the moment, custody is a niche sector, operated by a group of specialists, but the skillset of today will have evolved significantly by 2030. The notion of operational expertise, skill, and fluency will be different, as will cultural imperatives. The four- or six-eye principle check of a fax instruction simply won’t be relevant, for example. Instead, specialists will be fluent in all the features of technologies such as blockchain.
As time goes by, education in this area will increase, and the number of people with the right expertise will broaden. More people will become more fluent in navigating the New Normal of the custody world. Skills will increase – partly because of training, and partly because of an element of cultural sea change that will take over the industry.
As a result of this sea change, diversity will be the norm and, in 2030, custodians who only pay lip service to inclusion in the workplace will not thrive. Firms will succeed through proactive leadership, and will have built an inclusive and cognitively diverse culture, one which values people of all different backgrounds, experiences, and perspectives.