Unlocking transparency in asset management: the case for blockchain over spreadsheets

Written by Larry Banda, Chairman of TURN

In the complex tapestry of today's financial market, asset managers navigate through a labyrinth of challenges ranging from compliance to real-time reporting. Central to these challenges is the ever-evolving concept of “consumer duty”, which demands a degree of transparency and efficiency that traditional tools such as spreadsheets can no longer deliver. Consumer duty regulations, which regulated firms in the UK are expected to report to their boards by 31^st July 2024, are pushing asset managers towards a more consumer-centric approach. The expectations of real-time access to data, coupled with the need for accountability, present a unique set of challenges - challenges the fund management industry need to respond to as investors increasingly want to be able to deal 24/7, typically on their mobile devices. The days of making an appointment to discuss your finances with your bank manager or stockbroker have long gone. But using AI-powered assistances to make a more personalised interac…