Objective Urges Burgeoning Wealth Management Sector to Bridge the Digital Divide

Content drives every domain of an organisation's success because it combines the knowledge of the employee base with the records of the organisation to provide a complete view of the customer. However, according to a survey conducted by Objective Corporation into the rapidly growing wealth management sector, comprised of stockbrokers and private client management firms, there is a clear record keeping 'digital divide'.

The research found that 60% of the respondents used technology to manage electronic information only. Paper, and the data that resides in it, was not integrated, leading to what Objective terms a 'digital divide.'

Key findings of the research include:

* 85% of the sample have some form of technology in place to manage information. However 60% use it to manage electronic information only and not paper based information, which contains a significant proportion of clients' records.

* 90% of respondents rely on software applications such as spreadsheets and trading and settlement systems to fulfil the function of a record keeping solution

* 70% of the sample had no idea what volume of records they had under their management

Stockbrokers and private client management organisations manage the financial assets of a number of high net worth individuals on a personal basis. Historically these organisations have tended to create high volumes of information, typically stored in paper files.

This information can include correspondence, transfer documents and forms relating to 'Know Your Customer' (KYC). Many of these are copied and printed and therefore can be lost or duplicated.

Traditionally, enterprise applications have managed structured content; that is, data that can be easily categorised such as client contact information. Records Management, on the other hand, takes on unstructured content, such as paper documents, contracts, proposals, invoices, email etc., and incorporates it into the core enterprise application. For example, Records Management users can attach a physical document, such as a signed contract, to an electronic customer file.

Integrating Records Management into enterprise applications combines business content (documents, emails etc.) with business context (the circumstances under which the content has been used).

So, by introducing a comprehensive record keeping solution, organisations can not only meet compliance requirements, but also improve business efficiency.

If a company has a thorough understanding of exactly what information it holds and where the information is stored, multiple savings can be made, including a reduction of the time it takes to find information.

A structured records management policy, supported by a relevant IT solution, will also provide companies with a full audit trail for all information.

True records management bridges the gap between disparate sources of information, delivering the right information to the right people without requiring additional resources. Integrating related business content from multiple sources - be they digital or paper - with the applications used to conduct business operations leverages content by putting it in the proper context and increasing its value.