Just as many things will change, other things will remain the same. As much as asset servicers are required to be innovative and creative in their approach, they will also be required to continue to demonstrate their operational efficiency.
Today, as custodians move to a digital world, they have a multitude of underlying technical or IT fabrics to navigate. They are moving beyond just communicating via SWIFT or file transfer methods, and embracing new standards and languages. By 2030, technology will have bridged standards of the future, and integrated systems and networks.
Operational functions will become self-learning and self-functioning, with the integration of data becoming much easier. Standardisation will become routine, which is why Northern Trust is today working with regulators, governments, and market associations to build a set of standardisation and globally understood taxonomy.