Why professional and financial services need an industry cloud
Horizontal solutions don’t really work for the specialized requirements and idiosyncrasies of financial and professional services.
Financial and professional services are actually very unique industries. They are partnerships, and so they are made up of partners and professionals and dealmakers across a whole number of different almost sub-businesses. And each of those businesses has its own slightly nuanced, specific requirements, its own data, its own workflows, its own set of competitors. And they really need specified or specific different solutions for them.
These organizations and these firms, they compete it on knowledge, relationships, and intellectual capital versus selling a specific thing or a widget. They are regulated — and they are regulated by some regulatory statutes. They are regulated by client and investor obligations, and they are regulated by professional responsibility rules.
These are very, very leveraged organizations. So they’re typically made up of very senior partners at the top, with junior partners and associates or trainees or different analysts, depending on the industry. And the partners at the very top are the busiest, and they practice hyper-delegation. So they really, really are busy and they don’t have a lot of time to do things like manual data entry or report generation or acting as a de facto data storage because they are just too busy.
Industry cloud is really a combination of software, the platform data, often AI and infrastructure that is all tailored to meet the specific needs, usually of a unique industry. Firms can get a lot of benefit with technologies, suppliers that understand them — that really understand their domain — because they can bring the best of technology and enterprise scale with a lot of the deep, specific industry knowledge required to get the most value out of that technology.
To learn more about how industry cloud solutions can benefit your firm, read Modernizing professional and capital markets firms: An industry-specific transformation roadmap.