PASLA: ASX making headwinds in technology 06 March 2019Sydney Reporter: Maddie Saghir
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The Australian Securities Exchange (ASX) is making headwinds in the technology space, Tim Hogben, COO of ASX, said.
In his Australia welcoming remarks at the PASLA/RMA conference in Sydney, Hogben said that while technology might erode some of the traditional values across many industries, many consumers have benefitted and they now have a substantially higher value proposition.
Hogben cited: “The winners seem to be the large technology companies rather than the traditional services providers. Why aren’t we following their lead? It is hard and expensive digitising businesses.”
“While our industry has made significant process in automating and straight through processing, it is generally having trouble consolidating the significant infrastructure. Why? Because it is really complex and is a global issue not just an issue in Australia.”
He continued: “Let’s consider this, you can order and get espresso coffee specifically held in a warehouse delivered to you in five hours, I’m also told you can order an outfit online and have it delivered in two hours, and yet it takes two days to move an ownership of shares held on a hard drive.”
“Customers question whether they will get the same service in financial services as they get in other parts of their personal lives. The answer is that they should.”
Meanwhile, Hogben noted that the problem is that service providers can’t access the information and sources of truth quick enough and share it to those that need it.
As later discussed at the conference, Hogben explained that ASX has derived a strategy to meet the fundamental needs of delivering more rich and accurate data faster.
He commented: “We believe that this would include client experience, efficiencies, reduce operational risk, deliver a better market experience and lower costs.”
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