Amid changing regulations and the evolution of the financial landscape, service providers must harness the potential of technology and maximise the opportunities that it offers. Technology has increasingly become essential in business systems and operations. In the financial services world, tech continues to influence the development of industries and is intertwined with functions within various sectors.  

“Technology has revolutionised the way we do business, and when implemented correctly, enables cost consolidation and automation,” according to Bolder Group’s Global Head of Technology, Jack Boocock. Using cloud computing as an example, he emphasised how it allows the Group to maintain an effective strategy through scalability and efficient administration of resources and services, thereby amplifying agility in a fast-moving world. Boocock underscored how this approach streamlines the tech integration process, allowing Bolder Group and its clients to benefit fully and quickly from its technology platform. 

In this article, Bolder Group’s industry experts break down the role of technology in the financial landscape, specifically in asset management, corporate administration, governance and private wealth management. We also explore how Bolder Group uses technology to streamline its service offerings. 

Fund administration and technology

Fund administration comprises various functions involving technology, such as reporting services, fund accounting and net asset value (“NAV”) calculation, to name a few. Technology provides enhanced accessibility, efficiency and security within the fund administration processes. Bolder Group’s Global Head of Funds, Neco Dusseldorp, noted some of the significant aspects of the role of technology in fund management and administration as follows:  

• it enables operational efficiency; 
• it is imperative to a self-service model with real-time or on-demand services; and 
• it reinforces quality standards due to the elimination of human errors.  

On another note, the rise of digital assets prompts fund managers and fund administrators, like Bolder Group, to adopt technology in administering crypto funds. According to Dusseldorp, technology allows fund administrators to employ data connectivity systems, high-volume trade processing and automated reconciliation of transactions.  

When asked how Bolder Group employs technology in its fund solutions, Dusseldorp highlighted the consolidation of up-to-date technology and highly trained professionals.

Bolder Group utilises industry-leading software Paxus and Mantra for our fund accounting solutions, as well as AFAS for transaction monitoring. Moreover, the Group, through its in-house platform BGX, has its own investor portal as a part of its comprehensive investor and KYC services.  

Corporate solutions

As mentioned in a previous Bolder article, one of the factors to consider when looking for a corporate administrator is the provider’s technological capacity. A corporate administrator that effectively uses tech can significantly enhance productivity and streamline an organisation’s operations. In addition, tech integration enables corporate service providers to deliver corporate solutions efficiently with enhanced transparency and accessibility. 

Bolder Group’s Global Head of Growth, Marketing & Communication, Jeroen van Zanten, stressed the crucial function of technology in administering corporate obligations.  

Van Zanten listed some of the advantages of employing the services of tech-enabled corporate solution providers as follows: 

• increased efficiency and productivity; 
• cost savings through minimised errors and optimised resource utilisation; 
• accurate and secure data protection procedures; 
• global accessibility and connectivity; 
• enhanced customer relationship management (“CRM”); and 
• innovation and scalability. 

While technology can aid in maintaining an organisation’s CRM systems, it is also essential to take note of the risks of over-reliance on technology, especially in terms of the client experience. In services that require in-depth client knowledge and connection, such as corporate administration services, the balance of technology and human expertise is critical.  

In other words, tech-enabled solutions should be equipped with a human touch that could further augment operations, service provision and, just as important, the client experience. 

Bolder Group leverages the skills and knowledge of its team of experts combined with its tech toolbox to provide comprehensive and tailor-fitted solutions to clients. Moreover, according to van Zanten, Bolder’s approach combines innovation from technology and client-centric solutions to ultimately enhance the overall experience for Bolder’s clients. 

Governance and compliance

Establishing and maintaining a solid governance and compliance framework is an ongoing need and challenge for organisations. This is especially true in light of increasing regulatory scrutiny and complexity, as well as the imposition of additional compliance requirements on businesses across various sectors. 

While it is crucial to be equipped with an up-to-date knowledge of the legal and regulatory landscape, tech integration is equally important in effectively administering governance and compliance obligations. As explained by Bolder Group’s Global Head of Governance, David Payne, technology plays a pivotal role in governance functions, especially in: 

• facilitating anti-money laundering (“AML”) and know-your-customer (“KYC”) checks, thereby reducing work hours; 
• providing current information on regulatory developments; and 
• allowing an organisation’s internal systems to interact with the systems of regulators, government agencies and clients, further streamlining the reporting process and avoiding human errors.   

Bolder Group, for instance, collaborates with Board Intelligence to provide its governance clients with a high-technology collaboration portal, known as the BI Board Portal, that digitalises the board management process. This allows Bolder Group’s governance team to carry out its directorship services accurately and efficiently. 

To further elaborate on the use of technology to administer compliance obligations, Payne enumerated some of the ways in which technology can aid in AML and KYC compliance, as follows: 

• allows organisations to conduct daily screening and checks in numerous databases and sanction lists; 
• assists compliance specialists in identifying and minimising false positive hits; and  
• provides compliance teams with up-to-date information and developments to ensure alignment with the latest regulations and requirements, among others. 

Handling data 

Hand-in-hand with tech integration is secure data protection system. This is especially true in the financial industry, where market actors and service providers deal with sensitive and personal information on a daily basis.  

Cybersecurity issues have become increasingly sophisticated, posing risks to an organisation’s and other parties’ internal systems, reputation and bottom line. Payne emphasised the importance of a robust data protection system. He explained that such systems: 

• limit the access of sensitive information to only those that are authorised, thus providing “security to regulators and clients that, in as much as possible, there are systems in place to protect sensitive and private data and information”; and  
• enables organisations to comply with privacy and security laws, such as the EU General Data Protection Regulation. 

Bolder Technology

We understand the importance of a solid technological infrastructure for your organisation’s needs and goals. Bolder Group constantly develops its in-house systems to ensure the quality and effective execution of our funds, corporate, governance and private wealth solutions. 

The Group’s Global Head of Technology, Jack Boocock, further elaborated on Bolder Group’s tech-enabled service offerings: 

“At Bolder, we truly understand this. We have assembled a highly experienced team and transformed our technology platform. Our cloud-first approach allows our employees to work securely from anywhere in the world, and by keeping our technology stack lean, we are able to focus on what really matters – solutions for our clients. Striking a balance between ‘easy to use’ and ‘secure’ brings with it challenges, of course – such as the possible dampening of productivity. However, our ability to use the latest innovative solutions provides us with the opportunity to overcome these challenges effectively.  

Bolder operates across multiple business lines, which means that technology has to cater to many different variables, be they related to the business line itself, legislation, jurisdiction, etc. One of the main challenges we face is deciding whether to build or buy our technology solutions. We base this decision on factors such as the support provided by the supplier and the product roadmap.  

While there are many players in the FinTech industry, only a few truly stand out. Although these major players may excel at their core business operations, many of them lack a unique selling point that places them in a position of preference and prestige. Our approach to technology, namely the effective operation of our core systems coupled with the building of integrated cloud-based solutions to complement these systems, places us above the competition, giving us our own unique selling proposition.  

Recently, we developed our new client platform, named Bolder Group Exchange or BGX. The platform is an all-in-one system that focuses on ‘One Client, One Login.’ This means that no matter what services are required, whether embedded within the corporate, governance, funds or private business lines, BGX can be utilised as a single gateway. In future updates, we will provide more information about BGX, such as the Client Portal, the Investor Portal and the Economic Substance Portal. We will also provide a taste of what is to come in relation to KYC, Know Your Business (‘KYB’) and DocuSign integrations.” 

In conclusion

Taking on tech-enabled systems developed to suit an organisation’s unique needs should not be an afterthought, especially in today’s fast-growing environment. With numerous tools available in the market, selecting the right partner with suitable tech and solutions for your goals can optimise your organisation’s performance, confidence and growth. 

Be empowered and in control of your business goals with corporate, funds, governance and private wealth experts equipped with the latest and client-focused technology.  

Contact your nearest Bolder office now and learn more about our services. 

Disclaimer. Bolder Group does not provide financial, tax or legal advice and the information contained herein is meant for general information purposes only. We strongly recommend that before acting on any of the information contained herein, readers should consult with their professional advisers. The Bolder Group accepts no liability for any errors or omissions in the information, or the consequences resulting from any action taken by a reader based on the information provided herein.

Bolder Group refers to the global network of independent subsidiaries of Bolder Group Holding BV. Bolder Group Holding BV provides no client services. Such services are provided solely by the independent companies within the Bolder Group which are each legally distinct and separate entities and have no authority (actual, apparent, implied or otherwise) to obligate or bind Bolder Group Holding BV in any manner whatsoever. The operations of the Bolder Group are conducted independently and have no affiliation with third party financial, tax or legal advisory firms or corporations. 

Feature image from Envato.